Cipher Mining (NASDAQ:CIFR) Reaches New 1-Year High – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares hit a new 52-week high on Wednesday . The stock traded as high as $9.36 and last traded at $9.22, with a volume of 68170442 shares changing hands. The stock had previously closed at $7.72.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group upped their price target on Cipher Mining from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, August 19th. Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating on the stock. Cantor Fitzgerald upped their price target on Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a research report on Thursday, June 5th. Finally, Macquarie upped their price target on Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $7.67.

Cipher Mining Stock Up 19.4%

The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The company has a market cap of $3.63 billion, a PE ratio of -21.44 and a beta of 2.76. The company has a fifty day moving average price of $6.22 and a 200 day moving average price of $4.29.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The company had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. As a group, analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 700,000 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $7.60, for a total transaction of $5,320,000.00. Following the transaction, the insider directly owned 86,642,259 shares in the company, valued at approximately $658,481,168.40. This represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $6.11, for a total value of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares in the company, valued at $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,366,662 shares of company stock worth $47,646,046 over the last quarter. Corporate insiders own 2.89% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of the company. Marex Group plc bought a new position in shares of Cipher Mining during the 2nd quarter valued at about $333,000. Nomura Holdings Inc. bought a new position in shares of Cipher Mining during the 2nd quarter valued at about $397,000. Tower Research Capital LLC TRC increased its position in shares of Cipher Mining by 41.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock valued at $152,000 after purchasing an additional 9,295 shares during the last quarter. Northern Right Capital Management L.P. bought a new position in shares of Cipher Mining during the 2nd quarter valued at about $846,000. Finally, Tidal Investments LLC increased its position in shares of Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after purchasing an additional 1,541,138 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.