Cipher Mining (NASDAQ:CIFR) Stock Price Up 8.6% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price shot up 8.6% during mid-day trading on Friday . The company traded as high as $16.15 and last traded at $16.0230. 7,362,784 shares were traded during trading, a decline of 73% from the average session volume of 26,987,300 shares. The stock had previously closed at $14.76.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CIFR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday. Wall Street Zen cut Cipher Mining from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Macquarie upped their target price on Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. HC Wainwright increased their target price on Cipher Mining to $30.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, Rosenblatt Securities boosted their price target on Cipher Mining to $33.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.73.

Cipher Mining Stock Performance

The company has a 50 day simple moving average of $17.68 and a 200 day simple moving average of $11.94. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -89.83 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating 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 analyst estimates of $79.13 million. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In other Cipher Mining news, Director Cary M. Grossman sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $19.00, for a total transaction of $475,000.00. Following the sale, the director directly owned 200,530 shares of the company’s stock, valued at $3,810,070. The trade was a 11.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Holly Morrow Evans sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $18.74, for a total transaction of $281,100.00. Following the transaction, the director directly owned 195,512 shares of the company’s stock, valued at $3,663,894.88. The trade was a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,970,973 shares of company stock valued at $102,884,253. 2.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Voloridge Investment Management LLC bought a new stake in shares of Cipher Mining in the 3rd quarter valued at about $70,524,000. Value Aligned Research Advisors LLC bought a new position in Cipher Mining during the 3rd quarter worth approximately $64,266,000. Millennium Management LLC acquired a new position in shares of Cipher Mining in the 1st quarter worth approximately $9,316,000. Alyeska Investment Group L.P. bought a new stake in shares of Cipher Mining in the 1st quarter valued at $7,094,000. Finally, Vanguard Group Inc. increased its position in shares of Cipher Mining by 13.4% during the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after buying an additional 2,699,717 shares during the period. 12.26% of the stock is owned by 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.