Cipher Mining (NASDAQ:CIFR) Trading Up 6.1% – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was up 6.1% during trading on Tuesday . The company traded as high as $5.58 and last traded at $5.53. Approximately 4,449,958 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 9,446,605 shares. The stock had previously closed at $5.21.

Analysts Set New Price Targets

CIFR has been the subject of a number of research analyst reports. Northland Securities increased their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Finally, BTIG Research increased their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Price Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -42.30 and a beta of 2.29. The company has a fifty day moving average price of $6.13 and a two-hundred day moving average price of $4.91.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the company posted ($0.07) EPS. On average, equities research analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. The trade was a 11.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the sale, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Victory Capital Management Inc. boosted its holdings in Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares during the last quarter. Vima LLC lifted its position in Cipher Mining by 11.3% during the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares in the last quarter. Verition Fund Management LLC grew its stake in Cipher Mining by 30.7% during the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after buying an additional 3,086 shares during the period. Amalgamated Bank increased its position in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares in the last quarter. Finally, Strategic Blueprint LLC lifted its holdings in shares of Cipher Mining by 33.3% during the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after acquiring an additional 5,000 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.