Cipher Mining (NASDAQ:CIFR) Trading Up 7.7% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was up 7.7% on Thursday . The stock traded as high as $16.19 and last traded at $16.3540. 7,467,043 shares changed hands during trading, a decline of 74% from the average session volume of 28,192,240 shares. The stock had previously closed at $15.18.

Analysts Set New Price Targets

Several research firms recently commented on CIFR. UBS Group set a $30.00 price target on Cipher Mining in a research note on Monday, August 10th. Sanford C. Bernstein began coverage on Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $30.00 target price on shares of Cipher Mining in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Stock Up 2.1%

The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The stock’s fifty day simple moving average is $19.33 and its 200-day simple moving average is $19.10. The stock has a market cap of $7.36 billion, a P/E ratio of -6.20 and a beta of 3.15.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to the consensus estimate 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 company posted ($0.12) earnings per share. On average, research analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 15,000 shares of the 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 sale, the director directly owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 131,258 shares of company stock worth $2,925,288 in the last 90 days. 3.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. Situational Awareness LP lifted its position in Cipher Mining by 82.4% in 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 last quarter. California State Teachers Retirement System grew its position in Cipher Mining by 2,413.6% in the 2nd quarter. California State Teachers Retirement System now owns 9,198,966 shares of the company’s stock worth $225,375,000 after purchasing an additional 8,833,000 shares during the last quarter. Geode Capital Management LLC grew its position in Cipher Mining by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after purchasing an additional 558,105 shares during the last quarter. State Street Corp increased its stake in shares of Cipher Mining by 10.2% in the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock valued at $119,238,000 after purchasing an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC increased its stake in shares of Cipher Mining by 45.9% in the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock valued at $109,925,000 after purchasing an additional 2,342,958 shares during the period. 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.