Cipher Mining (NASDAQ:CIFR) Trading Up 7.4% - Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) traded up 7.4% during mid-day trading on Thursday . The stock traded as high as $5.58 and last traded at $5.53. 2,291,204 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 9,034,655 shares. The stock had previously closed at $5.15.

Analyst Ratings Changes

CIFR has been the topic of a number of analyst reports. Canaccord Genuity Group reaffirmed a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a research note on Thursday, August 29th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Macquarie assumed coverage on Cipher Mining in a research report on Tuesday, September 24th. They set an "outperform" rating and a $6.00 target price for the company. Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an "outperform" rating and a $6.00 price target on the stock. Finally, Stifel Canada upgraded shares of Cipher Mining to a "strong-buy" rating in a report on Tuesday, August 6th. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of "Buy" and a consensus price target of $7.21.

Cipher Mining Trading Up 8.4 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The company has a market capitalization of $1.73 billion, a P/E ratio of 93.08 and a beta of 2.25. The company's fifty day simple moving average is $3.80 and its 200-day simple moving average is $4.21.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.05). The firm had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period last year, the firm earned ($0.05) earnings per share. Research analysts predict that Cipher Mining Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider William Iwaschuk sold 150,000 shares of the company'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 transaction, the insider now directly owns 619,148 shares of the company's stock, valued at $2,439,443.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,943,078 shares of company stock worth $17,389,769. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank increased its position in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company's stock valued at $25,000 after acquiring an additional 4,557 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Cipher Mining in the first quarter valued at about $52,000. Xponance Inc. purchased a new position in shares of Cipher Mining in the second quarter worth about $45,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Cipher Mining during the first quarter worth about $59,000. Finally, Prospect Financial Services LLC purchased a new stake in Cipher Mining in the third quarter valued at approximately $47,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

About Cipher Mining

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.