Cipher Mining (NASDAQ:CIFR) Trading 8% Higher – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price rose 8% on Thursday . The stock traded as high as $17.34 and last traded at $17.2980. 11,006,312 shares traded hands during trading, a decline of 61% from the average daily volume of 28,297,031 shares. The stock had previously closed at $16.02.

Analysts Set New Price Targets

CIFR has been the subject of a number of recent analyst reports. Sanford C. Bernstein began coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target for the company. Rosenblatt Securities restated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods lowered their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. BTIG Research upped their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Morgan Stanley set a $43.50 price target on Cipher Mining in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.61.

Cipher Mining Trading Down 9.5%

The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The company has a market capitalization of $6.30 billion, a PE ratio of -5.30 and a beta of 3.20. The stock has a fifty day moving average of $20.39 and a 200 day moving average of $19.11.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same period last year, the business earned ($0.12) earnings per share. As a group, sell-side analysts predict that Cipher Mining Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In related news, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the sale, the director owned 128,530 shares in the company, valued at approximately $3,418,898. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,131,258 shares of company stock worth $81,429,288 in the last three months. Insiders own 3.09% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the company. Millennium Management LLC purchased a new stake in shares of Cipher Mining in the first quarter worth about $9,316,000. Goldman Sachs Group Inc. grew its holdings in Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after buying an additional 1,610,073 shares in the last quarter. Franklin Resources Inc. bought a new stake in Cipher Mining in the 2nd quarter worth approximately $98,000. Prudential Financial Inc. increased its stake in Cipher Mining by 113.7% in the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock worth $151,000 after acquiring an additional 16,810 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in Cipher Mining by 65.2% in the 2nd quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock worth $142,000 after acquiring an additional 11,725 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

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.