Cipher Mining (NASDAQ:CIFR) Trading 7% Higher - What's Next?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price rose 7% during mid-day trading on Thursday . The company traded as high as $4.87 and last traded at $4.81. Approximately 1,397,372 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 10,205,071 shares. The stock had previously closed at $4.50.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent research reports. Canaccord Genuity Group reissued a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research lifted their target price on Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an "outperform" rating for the company. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining presently has an average rating of "Buy" and a consensus target price of $8.25.

Cipher Mining Price Performance

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 company has a 50 day moving average price of $5.67 and a 200 day moving average price of $4.97. The company has a market capitalization of $2.02 billion, a P/E ratio of -44.77 and a beta of 2.40.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. On average, equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business's stock in a transaction on Friday, November 8th. The shares were 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 of the company's stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Tidal Investments LLC raised its holdings in Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company's stock valued at $14,485,000 after acquiring an additional 1,584,874 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock valued at $21,327,000 after acquiring an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock worth $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Paloma Partners Management Co acquired a new position in shares of Cipher Mining during the 3rd quarter worth $4,029,000. Finally, State Street Corp raised its holdings in shares of Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock worth $26,777,000 after buying an additional 1,019,949 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.