Cipher Mining (NASDAQ:CIFR) Trading 7.1% Higher – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares shot up 7.1% during trading on Friday . The stock traded as high as $5.32 and last traded at $5.28. 3,424,395 shares changed hands during trading, a decline of 62% from the average session volume of 9,074,452 shares. The stock had previously closed at $4.93.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Needham & Company LLC restated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday. Compass Point boosted their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $7.36.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock has a 50-day moving average price of $3.96 and a 200-day moving average price of $4.27. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -40.38 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a negative return on equity of 8.57% and a negative net margin of 33.39%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same quarter last year, the firm posted ($0.05) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, 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 value of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s 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 of the company’s stock, valued at approximately $616,075,997.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,943,078 shares of company stock worth $23,609,769. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC grew its position in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares during the period. Van ECK Associates Corp grew its position in Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Vident Advisory LLC increased its stake in Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after acquiring an additional 1,090,811 shares during the period. Finally, Dimensional Fund Advisors LP acquired a new position in Cipher Mining in the 2nd quarter valued at $2,142,000. Institutional investors and hedge funds 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.