Cipher Mining (NASDAQ:CIFR) Trading 5.4% Higher – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR) rose 5.4% on Wednesday . The stock traded as high as $6.52 and last traded at $6.46. Approximately 1,507,627 shares changed hands during trading, a decline of 84% from the average daily volume of 9,321,323 shares. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

CIFR has been the topic of several research reports. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Compass Point lifted their price target on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Macquarie lifted their price target on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, BTIG Research boosted their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Stock Up 4.1 %

The company has a fifty day simple moving average of $5.69 and a 200 day simple moving average of $4.74. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.22 billion, a P/E ratio of -47.15 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. On average, equities analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This trade represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,593,503 shares of company stock worth $9,568,005 over the last quarter. 2.25% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds have recently bought and sold shares of CIFR. Millennium Management LLC increased its position in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the last quarter. Tidal Investments LLC grew its holdings in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the period. Geode Capital Management LLC grew its holdings in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the period. Van ECK Associates Corp grew its holdings in Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co bought a new stake in Cipher Mining during the third quarter valued at about $4,029,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.