Cipher Mining (NASDAQ:CIFR) Trading 5.9% Higher – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) rose 5.9% during mid-day trading on Wednesday . The stock traded as high as $5.97 and last traded at $5.96. Approximately 2,027,001 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 9,292,997 shares. The stock had previously closed at $5.63.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CIFR. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie raised their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Northland Securities initiated coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Eight equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus price target of $7.72.

Cipher Mining Stock Performance

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock’s fifty day simple moving average is $5.22 and its two-hundred day simple moving average is $4.59.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Equities research analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This trade represents a 19.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,296,839 shares of company stock worth $25,974,602 over the last ninety days. 2.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its holdings in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining during the third quarter worth $33,000. Xponance Inc. acquired a new stake in Cipher Mining in the second quarter worth $45,000. Price T Rowe Associates Inc. MD acquired a new stake in Cipher Mining in the first quarter worth $59,000. Finally, W Advisors LLC bought a new stake in Cipher Mining in the third quarter valued at $45,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.