Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $4.51, but opened at $4.70. Cipher Mining shares last traded at $4.48, with a volume of 1,811,193 shares.
Analyst Ratings Changes
Several equities research analysts have issued reports on CIFR shares. 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. Macquarie lifted their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $8.25.
View Our Latest Stock Analysis on Cipher Mining
Cipher Mining Stock Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the previous year, the firm earned ($0.07) EPS. On average, research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.
Insider Buying and Selling
In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on 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 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. Over the last three months, insiders have sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is owned by company insiders.
Hedge Funds Weigh In On Cipher Mining
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. American Century Companies Inc. grew its position in Cipher Mining by 129.4% during the second quarter. American Century Companies Inc. now owns 176,783 shares of the company’s stock worth $734,000 after buying an additional 99,736 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Cipher Mining during the second quarter worth about $2,142,000. Amalgamated Bank grew its position in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares in the last quarter. Xponance Inc. purchased a new position in Cipher Mining during the second quarter worth about $45,000. Finally, AQR Capital Management LLC grew its position in Cipher Mining by 55.3% during the second quarter. AQR Capital Management LLC now owns 69,789 shares of the company’s stock worth $290,000 after buying an additional 24,842 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.
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.
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