Cipher Mining (NASDAQ:CIFR) Trading 5.1% Higher – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded up 5.1% during trading on Friday . The company traded as high as $5.77 and last traded at $5.81. 1,245,080 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 7,661,396 shares. The stock had previously closed at $5.53.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of analyst reports. Northland Securities raised their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 price target on shares of Cipher Mining in a report on Tuesday, January 7th. BTIG Research increased their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Stock Performance

The stock has a market cap of $2.19 billion, a PE ratio of -48.31 and a beta of 2.38. The firm’s 50-day moving average is $5.87 and its 200 day moving average is $4.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted ($0.07) earnings per share. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,356,881 shares of company stock worth $8,608,389. 2.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the period. Nisa Investment Advisors LLC increased its stake in Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the third quarter worth $33,000. KBC Group NV purchased a new stake in Cipher Mining during the fourth quarter worth $46,000. Finally, Xponance Inc. acquired a new stake in Cipher Mining in the second quarter valued at $45,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.