Cipher Mining (NASDAQ:CIFR) Trading 8.2% Higher – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR) traded up 8.2% on Thursday . The stock traded as high as $15.98 and last traded at $15.5690. 8,141,442 shares traded hands during trading, a decline of 73% from the average session volume of 30,192,324 shares. The stock had previously closed at $14.39.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. BTIG Research reaffirmed a “buy” rating and set a $25.00 price target on shares of Cipher Mining in a report on Wednesday, November 5th. Rosenblatt Securities increased their price target on Cipher Mining to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Needham & Company LLC boosted their price objective on Cipher Mining from $15.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Arete Research started coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $12.00 to $18.00 in a report on Monday, November 24th. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.73.

Cipher Mining Trading Up 7.0%

The firm has a market cap of $6.40 billion, a P/E ratio of -90.06 and a beta of 2.91. The stock has a 50 day simple moving average of $18.32 and a 200-day simple moving average of $11.22. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The company had revenue of $106.69 million for the quarter, compared to analysts’ expectations of $79.13 million. On average, equities research analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, Director Cary M. Grossman sold 25,000 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $19.00, for a total value of $475,000.00. Following the sale, the director owned 200,530 shares of the company’s stock, valued at approximately $3,810,070. This represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 35,569 shares of Cipher Mining stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $15.08, for a total transaction of $536,380.52. Following the transaction, the chief operating officer directly owned 1,151,770 shares of the company’s stock, valued at approximately $17,368,691.60. This represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 13,789,007 shares of company stock valued at $212,146,679. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the business. Sherman Asset Management Inc. bought a new position in Cipher Mining in the 3rd quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cipher Mining by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 63,138 shares of the company’s stock worth $795,000 after buying an additional 2,133 shares during the period. Hollencrest Capital Management purchased a new position in shares of Cipher Mining during the third quarter valued at $31,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Cipher Mining by 10.0% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 29,247 shares of the company’s stock valued at $368,000 after acquiring an additional 2,659 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Cipher Mining by 7.9% in the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock worth $183,000 after acquiring an additional 2,812 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.