Cipher Mining (NASDAQ:CIFR) Stock Price Up 9.3% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) was up 9.3% during trading on Monday . The stock traded as high as $24.43 and last traded at $24.3930. Approximately 9,861,944 shares traded hands during trading, a decline of 64% from the average session volume of 27,097,590 shares. The stock had previously closed at $22.32.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a report on Monday, July 20th. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 target price on shares of Cipher Mining in a research note on Thursday, June 25th. 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 report on Wednesday, May 6th. Needham & Company LLC increased their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Weiss Ratings restated 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, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.74.

Cipher Mining Stock Up 12.3%

The business has a 50-day moving average of $23.34 and a 200-day moving average of $19.08. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The stock has a market capitalization of $10.26 billion, a price-to-earnings ratio of -10.77 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business’s quarterly revenue was down 28.8% on a year-over-year basis. On average, sell-side analysts expect that Cipher Mining Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,200,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $25.49, for a total transaction of $30,588,000.00. Following the transaction, the insider directly owned 58,316,694 shares in the company, valued at $1,486,492,530.06. This represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the transaction, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,245,336 shares of company stock valued at $83,803,938 over the last quarter. 3.09% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Hedge funds have recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its position in Cipher Mining by 59.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 106,600 shares of the company’s stock valued at $2,612,000 after buying an additional 39,700 shares during the period. Scott Capital Advisors LLC increased its position in shares of Cipher Mining by 26.9% during the second quarter. Scott Capital Advisors LLC now owns 50,740 shares of the company’s stock worth $1,243,000 after acquiring an additional 10,740 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in shares of Cipher Mining by 39.0% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 77,812 shares of the company’s stock worth $1,906,000 after acquiring an additional 21,849 shares during the period. Strategic Investment Solutions Inc. IL raised its stake in shares of Cipher Mining by 726.6% in the second quarter. Strategic Investment Solutions Inc. IL now owns 4,571 shares of the company’s stock valued at $112,000 after acquiring an additional 4,018 shares in the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Cipher Mining in the second quarter valued at $58,000. Institutional investors and hedge funds 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.