Cipher Mining (NASDAQ:CIFR) Trading Up 7.9% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was up 7.9% during trading on Tuesday . The stock traded as high as $22.29 and last traded at $22.16. 6,071,602 shares were traded during trading, a decline of 77% from the average session volume of 26,798,670 shares. The stock had previously closed at $20.54.

Analyst Ratings Changes

CIFR has been the subject of a number of analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 price target on shares of Cipher Mining in a report on Thursday, June 25th. Keefe, Bruyette & Woods raised their price objective on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Sanford C. Bernstein started coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price for the company. HC Wainwright boosted their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.22.

Cipher Mining Trading Up 6.9%

The company’s 50-day moving average price is $23.14 and its 200-day moving average price is $18.83. The firm has a market cap of $10.01 billion, a price-to-earnings ratio of -10.50 and a beta of 3.18. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s quarterly revenue was down 28.8% compared to the same quarter last year. Equities analysts expect that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other news, Director James E. Newsome sold 3,758 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the transaction, the director owned 128,530 shares in the company, valued at $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,245,336 shares of company stock worth $83,803,938 in the last quarter. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Los Angeles Capital Management LLC purchased a new stake in shares of Cipher Mining during the fourth quarter worth $25,000. Arax Advisory Partners boosted its position in Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC grew its stake in Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Cipher Mining in the 4th quarter valued at about $28,000. Finally, Danske Bank A S raised its holdings in Cipher Mining by 1,150.0% in the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after acquiring an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.