Cipher Mining (NASDAQ:CIFR) Shares Up 8.1%

Cipher Mining Inc. (NASDAQ:CIFR)’s share price traded up 8.1% on Monday . The company traded as high as $2.93 and last traded at $2.92. 4,374,149 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 8,839,494 shares. The stock had previously closed at $2.70.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC increased their price target on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Compass Point lifted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. HC Wainwright increased their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $7.42.

Cipher Mining Stock Performance

The firm has a market cap of $961.09 million, a PE ratio of 52.83 and a beta of 2.25. The business has a 50 day simple moving average of $4.44 and a two-hundred day simple moving average of $4.21. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter last year, the business posted ($0.05) EPS. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 376,320 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $4.82, for a total transaction of $1,813,862.40. Following the transaction, the insider now owns 114,053,847 shares of the company’s stock, valued at approximately $549,739,542.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 8,850,719 shares of company stock worth $31,982,940. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Amalgamated Bank boosted its position in Cipher Mining by 321.8% during 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 in the last quarter. Xponance Inc. purchased a new position in shares of Cipher Mining in the 2nd quarter worth approximately $45,000. Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining during the 1st quarter worth approximately $52,000. Price T Rowe Associates Inc. MD bought a new position in shares of Cipher Mining during the 1st quarter worth approximately $59,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after acquiring an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.