Cipher Mining (NASDAQ:CIFR) Trading 6.8% Higher – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares were up 6.8% during mid-day trading on Friday . The stock traded as high as $5.18 and last traded at $5.16. Approximately 1,955,749 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 4,339,396 shares. The stock had previously closed at $4.83.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CIFR shares. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, BTIG Research boosted their price target on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Cipher Mining currently has an average rating of “Buy” and an average price target of $8.03.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a fifty day moving average price of $6.10 and a two-hundred day moving average price of $4.92. The company has a market cap of $1.94 billion, a P/E ratio of -42.84 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. On average, sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,446,623 shares of company stock worth $9,000,561. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank increased its holdings in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter worth about $33,000. Xponance Inc. acquired a new position in Cipher Mining in the 2nd quarter valued at about $45,000. W Advisors LLC bought a new position in Cipher Mining in the 3rd quarter valued at about $45,000. Finally, Prospect Financial Services LLC acquired a new stake in Cipher Mining during the third quarter worth approximately $47,000. 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.