Cipher Mining (NASDAQ:CIFR) Trading 8.8% Higher – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price rose 8.8% on Thursday . The company traded as high as $27.94 and last traded at $28.6620. Approximately 7,317,606 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 27,168,939 shares. The stock had previously closed at $26.35.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of recent research reports. BTIG Research reiterated a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Finally, HC Wainwright boosted their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.69.

Cipher Mining Price Performance

The firm has a market capitalization of $11.97 billion, a P/E ratio of -12.62 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The stock’s fifty day simple moving average is $20.89 and its 200 day simple moving average is $17.75.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The business’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, equities research analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the transaction, the chief operating officer owned 1,451,856 shares in the company, valued at $28,107,932.16. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the transaction, the insider owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. This trade represents a 2.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 3,178,236 shares of company stock valued at $81,848,926. 2.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after acquiring an additional 9,865,533 shares in the last quarter. Situational Awareness LP increased its holdings in shares of Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after acquiring an additional 4,728,600 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock valued at $120,519,000 after acquiring an additional 558,105 shares in the last quarter. State Street Corp increased its holdings in shares of Cipher Mining by 10.2% during the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock valued at $119,238,000 after acquiring an additional 745,030 shares in the last quarter. Finally, Value Aligned Research Advisors LLC increased its holdings in shares of Cipher Mining by 45.9% during the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock valued at $109,925,000 after acquiring an additional 2,342,958 shares in the last quarter. Institutional investors and hedge funds 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.