Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares traded up 6.8% during trading on Friday . The stock traded as high as $5.18 and last traded at $5.16. 1,955,749 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 4,339,396 shares. The stock had previously closed at $4.83.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the company. Canaccord Genuity Group restated a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Capmk raised Cipher Mining to a "strong-buy" rating in a research note on Wednesday, September 25th. HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price target for the company in a report on Tuesday, December 10th. Finally, BTIG Research raised their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining has a consensus rating of "Buy" and an average price target of $8.03.
Get Our Latest Stock Report on CIFR
Cipher Mining Price Performance
The stock has a market cap of $1.94 billion, a P/E ratio of -42.84 and a beta of 2.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a 50-day moving average price of $6.10 and a 200-day moving average price of $4.92.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analysts' expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the business posted ($0.07) EPS. On average, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share 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 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 completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,623 shares of company stock valued at $9,000,561 in the last ninety days. 2.25% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Amalgamated Bank raised its position in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company's stock worth $25,000 after buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in Cipher Mining during the third quarter valued at $33,000. Xponance Inc. bought a new position in Cipher Mining in the second quarter valued at about $45,000. W Advisors LLC purchased a new position in Cipher Mining in the third quarter worth about $45,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining during the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 12.26% of the company's stock.
About Cipher Mining
(
Get Free Report)
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.
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