Cipher Mining (NASDAQ:CIFR) Stock Price Up 8% – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price shot up 8% during mid-day trading on Thursday . The stock traded as high as $17.34 and last traded at $17.2980. Approximately 11,006,312 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 28,297,031 shares. The stock had previously closed at $16.02.

Analysts Set New Price Targets

Several equities research analysts recently commented on CIFR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. HC Wainwright upped their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. UBS Group set a $30.00 price target on shares of Cipher Mining in a research note on Monday, August 10th. Chardan Capital reiterated a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. cut their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The company’s 50-day moving average price is $20.92 and its two-hundred day moving average price is $19.12. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of -5.81 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The firm had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the previous year, the firm earned ($0.12) EPS. On average, equities research analysts anticipate that Cipher Mining Inc. will post -1.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James E. Newsome sold 3,758 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the transaction, the director directly owned 128,530 shares of the company’s stock, valued at $3,418,898. The trade was a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Cary M. Grossman sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director directly owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This represents a 9.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 3,131,258 shares of company stock valued at $81,429,288. Insiders own 3.09% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the stock. CoreCap Advisors LLC boosted its stake in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after acquiring an additional 500 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Cipher Mining during the fourth quarter valued at about $25,000. Arax Advisory Partners raised its holdings in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Cipher Mining during the 4th quarter worth about $28,000. Finally, Ancora Advisors LLC bought a new position in shares of Cipher Mining during the 2nd quarter worth about $49,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.