Cipher Mining (NASDAQ:CIFR) Trading 19.8% Higher – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price shot up 19.8% during trading on Friday . The stock traded as high as $20.87 and last traded at $20.66. 46,668,088 shares changed hands during mid-day trading, an increase of 69% from the average session volume of 27,576,201 shares. The stock had previously closed at $17.25.

Wall Street Analyst Weigh In

Several research firms have recently commented on CIFR. Arete Research began coverage on Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. Arete began coverage on Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, September 26th. Canaccord Genuity Group upped their target price on Cipher Mining from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Finally, Rosenblatt Securities upped their target price on Cipher Mining from $14.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.68.

Cipher Mining Trading Up 19.8%

The firm has a 50 day moving average of $12.37 and a 200-day moving average of $7.03. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $8.13 billion, a P/E ratio of -48.05 and a beta of 2.87.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The firm had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $51.89 million. On average, equities research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 26,581 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $21.08, for a total transaction of $560,327.48. Following the completion of the sale, the chief operating officer directly owned 1,213,919 shares in the company, valued at $25,589,412.52. This represents a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holding Ltd V3 sold 535,843 shares of the company’s stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $20.32, for a total value of $10,888,329.76. Following the sale, the insider owned 61,316,694 shares of the company’s stock, valued at $1,245,955,222.08. The trade was a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,585,388 shares of company stock valued at $281,602,231 over the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Helix Partners Management LP lifted its stake in Cipher Mining by 95.8% during the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after purchasing an additional 2,153,058 shares during the last quarter. Impact Partnership Wealth LLC bought a new stake in Cipher Mining during the 1st quarter worth $109,000. Greenleaf Trust bought a new stake in Cipher Mining during the 2nd quarter worth $108,000. SRN Advisors LLC increased its holdings in Cipher Mining by 42.1% in the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock worth $654,000 after purchasing an additional 84,148 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Cipher Mining by 5.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company’s stock worth $7,635,000 after purchasing an additional 180,010 shares in the last quarter. 12.26% of the stock is currently owned by 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.