Cipher Mining (NASDAQ:CIFR) Shares Up 7% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) was up 7% during trading on Thursday . The stock traded as high as $4.87 and last traded at $4.81. Approximately 1,397,372 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 10,205,071 shares. The stock had previously closed at $4.50.

Analyst Ratings Changes

Several analysts have recently issued reports on CIFR shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Tuesday, December 10th. Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. BTIG Research upped their price target on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Ten equities research 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 stock has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Price Performance

The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -44.07 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 company’s 50 day moving average is $5.69 and its 200 day moving average is $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 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 analysts’ expectations of $25.84 million. During the same quarter last year, the business posted ($0.07) earnings per share. Research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % 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, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now 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 disclosure for this sale can be found here. Insiders sold a total of 356,881 shares of company stock valued at $2,388,389 in the last ninety days. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted 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 in the last quarter. Tidal Investments LLC grew its stake in Cipher Mining by 73.4% during 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 in the last quarter. Geode Capital Management LLC increased its position 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 purchasing an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at approximately $4,029,000. Hedge funds and other institutional investors 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.