Cipher Mining (NASDAQ:CIFR) Shares Up 7% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price traded up 7% on Thursday . The company traded as high as $4.87 and last traded at $4.81. 1,397,372 shares were traded during trading, a decline of 86% from the average session volume of 10,205,071 shares. The stock had previously closed at $4.50.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CIFR shares. Macquarie boosted their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a report on Tuesday, January 21st. Northland Securities increased their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a research report on Tuesday, January 7th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Trading Up 6.6 %

The stock has a market capitalization of $1.67 billion, a P/E ratio of -36.96 and a beta of 2.38. The business has a 50 day simple moving average of $5.72 and a 200-day simple moving average of $5.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same period in the prior year, the business earned ($0.07) EPS. On average, 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, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s 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 completion of the transaction, the insider now owns 98,747,588 shares of the company’s stock, 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 have sold 356,881 shares of company stock valued at $2,388,389 in the last quarter. Insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Millennium Management LLC raised its position in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the period. Tidal Investments LLC increased its holdings 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. Geode Capital Management LLC lifted its position in shares of Cipher Mining by 37.8% in the third 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 in the last quarter. Van ECK Associates Corp boosted 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 worth $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co purchased a new position in Cipher Mining during the third quarter valued at approximately $4,029,000. 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.