Cipher Mining (NASDAQ:CIFR) Stock Price Up 7.7% – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shot up 7.7% during trading on Thursday . The company traded as high as $16.19 and last traded at $16.3540. 7,467,043 shares were traded during trading, a decline of 74% from the average daily volume of 28,192,240 shares. The stock had previously closed at $15.18.

Analyst Upgrades and Downgrades

CIFR has been the topic of several research reports. Keefe, Bruyette & Woods reduced their price target on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. Chardan Capital restated a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a report on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Finally, HC Wainwright increased their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.61.

Cipher Mining Stock Up 12.3%

The company has a fifty day moving average of $19.66 and a two-hundred day moving average of $19.10. The company has a market cap of $7.07 billion, a PE ratio of -5.96 and a beta of 3.16. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The firm had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. During the same period in the previous year, the firm earned ($0.12) earnings per share. As a group, analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the transaction, the director directly owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the transaction, the director directly owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 131,258 shares of company stock worth $2,925,288. 3.09% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

Several institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP purchased a new position in shares of Cipher Mining during the second quarter valued at approximately $1,202,000. Amundi increased its holdings in Cipher Mining by 42.7% during the 2nd quarter. Amundi now owns 21,946 shares of the company’s stock worth $538,000 after purchasing an additional 6,565 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Cipher Mining during the second quarter valued at $1,034,000. California State Teachers Retirement System raised its holdings in shares of Cipher Mining by 2,413.6% in the 2nd quarter. California State Teachers Retirement System now owns 9,198,966 shares of the company’s stock valued at $225,375,000 after purchasing an additional 8,833,000 shares in the last quarter. Finally, Readystate Asset Management LP raised its stake in Cipher Mining by 2.4% in the second quarter. Readystate Asset Management LP now owns 203,493 shares of the company’s stock worth $4,986,000 after buying an additional 4,735 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.