Cipher Mining (NASDAQ:CIFR) Hits New 12-Month High – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) reached a new 52-week high on Wednesday . The company traded as high as $9.36 and last traded at $9.22, with a volume of 68170442 shares trading hands. The stock had previously closed at $7.72.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Canaccord Genuity Group increased their price objective on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, August 19th. Cantor Fitzgerald upped their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. Macquarie lifted their price objective on shares of Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Finally, Jones Trading started coverage on Cipher Mining in a research note on Monday, July 21st. They set a “hold” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $7.67.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market cap of $3.92 billion, a P/E ratio of -23.19 and a beta of 2.76. The company’s 50 day moving average is $6.39 and its 200 day moving average is $4.37.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The firm had revenue of $43.57 million for the quarter, compared to analysts’ expectations of $51.89 million. As a group, equities analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 700,000 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $7.60, for a total value of $5,320,000.00. Following the completion of the transaction, the insider directly owned 86,642,259 shares in the company, valued at approximately $658,481,168.40. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the business’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the sale, the insider owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,966,662 shares of company stock valued at $52,134,046. Insiders own 2.89% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Stifel Financial Corp acquired a new stake in Cipher Mining in the fourth quarter valued at $153,000. Price T Rowe Associates Inc. MD raised its position in shares of Cipher Mining by 32.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 78,592 shares of the company’s stock worth $365,000 after acquiring an additional 19,080 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Cipher Mining by 21.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 120,489 shares of the company’s stock worth $559,000 after acquiring an additional 21,548 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Cipher Mining by 14.2% in the fourth quarter. Northern Trust Corp now owns 1,839,837 shares of the company’s stock worth $8,537,000 after acquiring an additional 228,569 shares during the period. Finally, Ameriprise Financial Inc. bought a new stake in Cipher Mining in the fourth quarter valued at approximately $137,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.