Cipher Mining (NASDAQ:CIFR) Stock Price Up 6.8% – Here’s What Happened

Shares of Cipher Mining Inc. (NASDAQ:CIFR) shot up 6.8% on Friday . The stock traded as high as $5.18 and last traded at $5.16. 1,955,749 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 4,339,396 shares. The stock had previously closed at $4.83.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research report on Tuesday, December 10th. Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Nine equities research analysts have rated the stock with a buy rating and two have assigned 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 target price of $8.03.

Cipher Mining Stock Up 12.0 %

The business’s 50 day simple moving average is $6.09 and its 200 day simple moving average is $4.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market capitalization of $1.88 billion, a PE ratio of -41.61 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the company posted ($0.07) earnings per share. As a group, analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining 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 transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,446,623 shares of company stock valued at $9,000,561. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

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