Cipher Mining (NASDAQ:CIFR) Reaches New 52-Week High – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $25.56 and last traded at $25.16, with a volume of 34573178 shares trading hands. The stock had previously closed at $23.02.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Morgan Stanley upped their price target on Cipher Mining to $42.50 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Cantor Fitzgerald decreased their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Wall Street Zen lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. HC Wainwright increased their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Needham & Company LLC increased their target price on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Cipher Mining Stock Up 9.3%

The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The company has a market cap of $10.29 billion, a price-to-earnings ratio of -10.80 and a beta of 3.13. The business has a 50-day simple moving average of $17.72 and a 200-day simple moving average of $16.93.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The company’s quarterly revenue was down 28.8% on a year-over-year basis. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the transaction, the chief operating officer owned 1,451,856 shares in the company, valued at approximately $28,107,932.16. This represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Wesley Hastie Williams sold 28,169 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total value of $627,041.94. Following the transaction, the director owned 129,976 shares in the company, valued at $2,893,265.76. This represents a 17.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 258,965 shares of company stock worth $4,588,569. 2.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in Cipher Mining by 237.7% during the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after buying an additional 995,735 shares during the last quarter. Janus Henderson Group PLC grew its stake in Cipher Mining by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after buying an additional 81,192 shares during the last quarter. Amundi purchased a new position in Cipher Mining during the 1st quarter worth approximately $198,000. EverSource Wealth Advisors LLC grew its stake in Cipher Mining by 259.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after buying an additional 2,423 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in Cipher Mining by 22.2% during the 1st quarter. California State Teachers Retirement System now owns 365,966 shares of the company’s stock worth $4,710,000 after buying an additional 66,518 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.