Cipher Mining (NASDAQ:CIFR) Stock Price Up 4.7%

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price rose 4.7% during mid-day trading on Wednesday . The company traded as high as $4.50 and last traded at $4.44. Approximately 2,642,444 shares changed hands during trading, a decline of 69% from the average daily volume of 8,567,624 shares. The stock had previously closed at $4.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a report on Friday, June 7th. HC Wainwright increased their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Cantor Fitzgerald started coverage on shares of Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $6.25.

Cipher Mining Stock Down 0.5 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The firm’s 50 day moving average is $4.19 and its two-hundred day moving average is $3.80. The firm has a market capitalization of $1.30 billion, a P/E ratio of 69.84 and a beta of 2.28.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The company had revenue of $48.14 million for the quarter, compared to analyst estimates of $50.05 million.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of Cipher Mining stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $4.08, for a total transaction of $1,202,828.88. Following the completion of the transaction, the insider now directly owns 118,519,768 shares in the company, valued at approximately $483,560,653.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 4,202,460 shares of company stock valued at $18,467,001 over the last 90 days. 2.25% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds have recently modified their holdings of the stock. Barclays PLC raised its holdings in Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after acquiring an additional 7,720 shares during the period. Sloy Dahl & Holst LLC bought a new position in shares of Cipher Mining during the fourth quarter worth approximately $44,000. Wolverine Asset Management LLC acquired a new stake in Cipher Mining during the 4th quarter worth approximately $49,000. Bellecapital International Ltd. bought a new stake in Cipher Mining in the 4th quarter valued at $51,000. Finally, Calamos Advisors LLC acquired a new position in Cipher Mining in the 4th quarter valued at $52,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.