Cipher Mining (NASDAQ:CIFR) Shares Up 7.1% - Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares rose 7.1% during mid-day trading on Friday . The stock traded as high as $5.32 and last traded at $5.28. Approximately 3,424,395 shares were traded during trading, a decline of 62% from the average daily volume of 9,074,452 shares. The stock had previously closed at $4.93.

Analyst Ratings Changes

A number of research 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. Cantor Fitzgerald restated an "overweight" rating and issued a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday. Northland Securities assumed coverage on Cipher Mining in a research report on Wednesday, September 25th. They set an "outperform" rating and a $6.00 price objective on the stock. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $7.36.

Cipher Mining Stock Performance

The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.76 billion, a P/E ratio of 87.51 and a beta of 2.25. The business has a 50 day moving average price of $3.96 and a 200 day moving average price of $4.26.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same period last year, the company earned ($0.05) earnings per share. As a group, sell-side analysts expect that Cipher Mining Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares of the company's stock, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now owns 619,148 shares of the company's stock, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business's stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares of the company's stock, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,943,078 shares of company stock valued at $23,609,769 in the last three months. Company insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp boosted its holdings in Cipher Mining by 41.5% in 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 during the last quarter. Farther Finance Advisors LLC purchased a new position in shares of Cipher Mining in the third quarter valued at approximately $33,000. W Advisors LLC acquired a new stake in shares of Cipher Mining in the third quarter worth approximately $45,000. Sippican Capital Advisors purchased a new stake in shares of Cipher Mining during the third quarter worth approximately $72,000. Finally, Strategic Blueprint LLC increased its position in shares of Cipher Mining by 33.3% during 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 in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.