Cipher Mining (NASDAQ:CIFR) Shares Up 8.1% – Here’s What Happened

Shares of Cipher Mining Inc. (NASDAQ:CIFR) shot up 8.1% on Friday . The company traded as high as $15.06 and last traded at $14.8160. 9,424,429 shares changed hands during trading, a decline of 68% from the average session volume of 29,830,008 shares. The stock had previously closed at $13.71.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CIFR. Canaccord Genuity Group reaffirmed a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a report on Monday, December 15th. Morgan Stanley initiated coverage on shares of Cipher Mining in a research report on Monday, February 9th. They issued an “overweight” rating and a $38.00 price objective on the stock. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Citizens Jmp set a $30.00 price target on shares of Cipher Mining in a research note on Wednesday, November 19th. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and increased their price target for the company from $12.00 to $18.00 in a report on Monday, November 24th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.32.

Cipher Mining Stock Up 7.4%

The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of -6.77 and a beta of 2.96. The firm’s 50 day simple moving average is $16.31 and its two-hundred day simple moving average is $15.75.

Insider Transactions at Cipher Mining

In other news, Director James E. Newsome sold 45,161 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total value of $710,834.14. Following the completion of the transaction, the director owned 127,331 shares of the company’s stock, valued at approximately $2,004,189.94. This represents a 26.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wesley Hastie Williams sold 49,867 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $16.08, for a total transaction of $801,861.36. Following the completion of the sale, the director owned 158,145 shares in the company, valued at $2,542,971.60. This represents a 23.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 187,986 shares of company stock valued at $3,030,554. Company insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after acquiring an additional 9,865,533 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in Cipher Mining in the third quarter valued at approximately $70,524,000. Value Aligned Research Advisors LLC acquired a new stake in Cipher Mining during the 3rd quarter valued at approximately $64,266,000. Situational Awareness LP increased its position in Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Cipher Mining by 3,718.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock worth $63,359,000 after purchasing an additional 4,180,362 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.