Cipher Mining (NASDAQ:CIFR) Shares Up 8.4% on Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR) shares shot up 8.4% during trading on Wednesday after Northland Securities raised their price target on the stock from $6.00 to $8.50. Northland Securities currently has an outperform rating on the stock. Cipher Mining traded as high as $6.85 and last traded at $6.71. 6,594,071 shares changed hands during trading, a decline of 29% from the average session volume of 9,309,222 shares. The stock had previously closed at $6.19.

CIFR has been the topic of a number of other research reports. Macquarie upped their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. BTIG Research raised their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $8.03.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,494,615 shares of company stock worth $15,024,197 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tidal Investments LLC raised its holdings in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares in the last quarter. Virtu Financial LLC lifted its holdings in shares of Cipher Mining by 21.2% in the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after buying an additional 21,566 shares during the period. Barclays PLC boosted its stake in shares of Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after buying an additional 234,366 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the period. Finally, State Street Corp raised its position in Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Trading Up 0.6 %

The company has a market cap of $2.40 billion, a price-to-earnings ratio of -53.00 and a beta of 2.29. The business has a fifty day simple moving average of $5.53 and a 200 day simple moving average of $4.68. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate 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 return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

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.