Cipher Mining (NASDAQ:CIFR) Stock Price Up 6.1% - Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price was up 6.1% during mid-day trading on Tuesday . The stock traded as high as $5.58 and last traded at $5.53. Approximately 4,449,958 shares traded hands during trading, a decline of 53% from the average daily volume of 9,446,605 shares. The stock had previously closed at $5.21.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Northland Capmk raised shares of Cipher Mining to a "strong-buy" rating in a report on Wednesday, September 25th. BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Macquarie increased their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $8.03.

Cipher Mining Price Performance

The firm has a market cap of $1.91 billion, a P/E ratio of -42.30 and a beta of 2.29. The business's fifty day simple moving average is $6.11 and its 200-day simple moving average is $4.90. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.18). The company 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 previous year, the firm earned ($0.07) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the firm's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This trade represents a 19.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer now owns 664,270 shares of the company's stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,596,623 shares of company stock worth $9,591,561. Corporate insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its position in Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock worth $101,000 after purchasing an additional 2,101 shares during the period. Vima LLC grew its stake in shares of Cipher Mining by 11.3% during the third quarter. Vima LLC now owns 24,656 shares of the company's stock valued at $95,000 after buying an additional 2,504 shares during the last quarter. Verition Fund Management LLC increased its stake in Cipher Mining by 30.7% in the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock worth $51,000 after purchasing an additional 3,086 shares during the period. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company's stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC grew its holdings in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company's stock worth $77,000 after purchasing an additional 5,000 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other 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.