Cipher Mining (NASDAQ:CIFR) Sees Strong Trading Volume – Should You Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) saw an uptick in trading volume on Friday . 9,604,437 shares traded hands during mid-day trading, a decline of 11% from the previous session’s volume of 10,740,591 shares.The stock last traded at $5.77 and had previously closed at $4.70.

Analysts Set New Price Targets

CIFR has been the subject of several research reports. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Northland Securities upped their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a research report on Tuesday, January 7th. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Cipher Mining currently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Stock Up 27.6 %

The company has a market cap of $2.09 billion, a price-to-earnings ratio of -46.19 and a beta of 2.38. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $5.69 and a 200-day simple moving average of $5.00.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) 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 company earned ($0.07) EPS. As a group, analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 356,881 shares of company stock valued at $2,388,389. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. Millennium Management LLC raised its position in shares of Cipher Mining by 122.8% during the second 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 during the period. Van ECK Associates Corp lifted its holdings in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in shares of Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the period. 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.