Cipher Mining (NASDAQ:CIFR) Trading Up 9.4% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) traded up 9.4% during mid-day trading on Friday . The stock traded as high as $24.68 and last traded at $24.7570. 4,561,252 shares changed hands during trading, a decline of 83% from the average session volume of 27,272,547 shares. The stock had previously closed at $22.63.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CIFR shares. Jefferies Financial Group started coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective for the company. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Morgan Stanley reduced their price objective on shares of Cipher Mining from $53.50 to $48.50 and set an “overweight” rating on the stock in a report on Thursday, June 4th. Finally, Cantor Fitzgerald reduced their price objective on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.69.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm has a 50-day moving average of $19.86 and a 200-day moving average of $17.54. The stock has a market cap of $10.14 billion, a PE ratio of -10.61 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The company’s revenue for the quarter was down 28.8% on a year-over-year basis. Research analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 48,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total transaction of $929,280.00. Following the transaction, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This represents a 3.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the sale, the insider owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. This represents a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 3,213,804 shares of company stock worth $82,381,735. Company insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Cipher Mining by 43.2% in the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after purchasing an additional 9,865,533 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter valued at $70,524,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter valued at $64,266,000. Situational Awareness LP raised its holdings in shares of 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 buying an additional 4,728,600 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in shares of Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock valued at $63,359,000 after buying an additional 4,180,362 shares during the period. Institutional investors and hedge funds 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.