Cipher Mining (NASDAQ:CIFR) Trading 22% Higher – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded up 22% during trading on Monday . The stock traded as high as $25.11 and last traded at $22.76. 132,122,679 shares were traded during mid-day trading, an increase of 366% from the average session volume of 28,343,363 shares. The stock had previously closed at $18.65.

Analyst Upgrades and Downgrades

CIFR has been the topic of several research analyst reports. Jones Trading assumed coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating on the stock. Compass Point began coverage on Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating for the company. HC Wainwright set a $25.00 price objective on Cipher Mining and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Arete Research began coverage on Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Cipher Mining in a research report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.41.

Cipher Mining Stock Performance

The stock has a market cap of $8.95 billion, a P/E ratio of -52.93 and a beta of 2.91. The firm’s 50-day moving average is $13.72 and its two-hundred day moving average is $7.70. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

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

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 535,843 shares of the company’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $20.32, for a total transaction of $10,888,329.76. Following the completion of the sale, the insider owned 61,316,694 shares in the company, valued at approximately $1,245,955,222.08. This represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 26,581 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total value of $560,327.48. Following the transaction, the chief operating officer owned 1,213,919 shares in the company, valued at approximately $25,589,412.52. This trade represents a 2.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,649,355 shares of company stock valued at $276,031,364 in the last ninety days. Insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Several hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. grew its position in Cipher Mining by 27.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,369 shares of the company’s stock worth $183,000 after buying an additional 17,319 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Cipher Mining by 76.8% in the 1st quarter. Vontobel Holding Ltd. now owns 147,872 shares of the company’s stock worth $340,000 after acquiring an additional 64,240 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Cipher Mining in the 1st quarter worth approximately $82,000. Bank of New York Mellon Corp grew its holdings in shares of Cipher Mining by 6.9% during the 1st quarter. Bank of New York Mellon Corp now owns 637,760 shares of the company’s stock worth $1,467,000 after purchasing an additional 41,253 shares in the last quarter. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Cipher Mining during the first quarter valued at approximately $37,000. Institutional investors 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.