Cipher Mining (NASDAQ:CIFR) Trading 7.8% Higher – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 7.8% during trading on Friday . The stock traded as high as $18.14 and last traded at $17.9150. 26,155,356 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 27,835,762 shares. The stock had previously closed at $16.62.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research report on Monday. Needham & Company LLC boosted their target price on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Sanford C. Bernstein assumed coverage on Cipher Mining in a research report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target on the stock. Finally, BTIG Research lifted their price objective on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. One investment 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $28.61.

Cipher Mining Price Performance

The firm has a market capitalization of $7.41 billion, a price-to-earnings ratio of -6.24 and a beta of 3.20. The stock’s fifty day moving average price is $22.27 and its two-hundred day moving average price is $19.11. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same quarter in the previous year, the firm posted ($0.12) EPS. Equities research analysts expect that Cipher Mining Inc. will post -1.37 EPS for the current year.

Insider Activity at Cipher Mining

In other news, Director Cary M. Grossman sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James E. Newsome sold 3,758 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares in the company, valued at approximately $3,418,898. The trade was a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,145,825 shares of company stock worth $81,741,167 over the last three months. Company insiders own 3.09% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC purchased a new stake in shares of Cipher Mining during the 4th quarter worth approximately $25,000. Arax Advisory Partners grew its position in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after buying an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Cipher Mining in the 4th quarter valued at $28,000. Danske Bank A S raised its stake in Cipher Mining by 1,150.0% during the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after acquiring an additional 2,300 shares in the last quarter. Finally, CWM LLC raised its stake in Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after acquiring an additional 804 shares in the last quarter. 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.