Cipher Mining (NASDAQ:CIFR) Sees Unusually-High Trading Volume - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw an uptick in trading volume on Friday . 9,604,437 shares were traded during trading, a decline of 11% from the previous session's volume of 10,740,591 shares.The stock last traded at $5.77 and had previously closed at $4.70.

Analyst Ratings Changes

A number of research firms have recently weighed in on CIFR. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald cut their price target on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Tuesday. Needham & Company LLC reissued a "buy" rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday. Canaccord Genuity Group restated a "buy" rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They issued an "outperform" rating for the company. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of "Buy" and a consensus target price of $8.14.

Cipher Mining Stock Down 0.2 %

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm's fifty day moving average is $5.65 and its 200 day moving average is $4.97. The stock has a market cap of $2.02 billion, a P/E ratio of -44.69 and a beta of 2.40.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 356,881 shares of company stock valued at $2,388,389. Insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. Bank of New York Mellon Corp boosted its stake in Cipher Mining by 19.8% in the 4th quarter. Bank of New York Mellon Corp now owns 596,507 shares of the company's stock valued at $2,768,000 after buying an additional 98,382 shares in the last quarter. Navellier & Associates Inc. increased its position in shares of Cipher Mining by 11.6% during the 4th quarter. Navellier & Associates Inc. now owns 36,274 shares of the company's stock worth $168,000 after purchasing an additional 3,756 shares in the last quarter. Matauro LLC bought a new position in Cipher Mining during the 4th quarter valued at about $154,000. Private Advisor Group LLC boosted its position in Cipher Mining by 90.4% in the fourth quarter. Private Advisor Group LLC now owns 200,940 shares of the company's stock valued at $932,000 after buying an additional 95,400 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in Cipher Mining by 70.8% during the fourth quarter. New York State Common Retirement Fund now owns 55,982 shares of the company's stock worth $260,000 after buying an additional 23,200 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

Cipher Mining Company Profile

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.