Cipher Mining (NASDAQ:CIFR) Stock Price Up 7.7% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was up 7.7% during mid-day trading on Thursday . The stock traded as high as $16.19 and last traded at $16.3540. 7,467,043 shares were traded during trading, a decline of 74% from the average session volume of 28,192,240 shares. The stock had previously closed at $15.18.

Analysts Set New Price Targets

CIFR has been the topic of several recent research reports. Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. BTIG Research increased their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Keefe, Bruyette & Woods decreased their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Finally, HC Wainwright upped their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Trading Up 12.3%

The stock has a fifty day simple moving average of $19.66 and a 200 day simple moving average of $19.10. The firm has a market capitalization of $7.07 billion, a P/E ratio of -5.96 and a beta of 3.16. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The business had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same period last year, the company earned ($0.12) EPS. As a group, research analysts forecast that Cipher Mining Inc. will post -1.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the sale, the director owned 143,829 shares in the company, valued at $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. This trade represents a 1.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 131,258 shares of company stock worth $2,925,288 in the last three months. 3.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the stock. Millennium Management LLC purchased a new position in shares of Cipher Mining during the first quarter valued at about $9,316,000. Goldman Sachs Group Inc. boosted its stake in Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after buying an additional 1,610,073 shares during the last quarter. Franklin Resources Inc. bought a new position in Cipher Mining during the second quarter valued at approximately $98,000. Prudential Financial Inc. grew its holdings in Cipher Mining by 113.7% during the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock valued at $151,000 after buying an additional 16,810 shares in the last quarter. Finally, XTX Topco Ltd grew its holdings in Cipher Mining by 65.2% during the 2nd quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock valued at $142,000 after buying an additional 11,725 shares in the last quarter. 12.26% of the stock is 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.