Cipher Mining (NASDAQ:CIFR) Shares Up 5.1% – What’s Next?

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

Analysts Set New Price Targets

CIFR has been the subject of a number of recent analyst reports. Northland Securities upped their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research report on Tuesday, January 21st. BTIG Research boosted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Macquarie lifted their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Ten research 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, the stock presently has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Price Performance

The firm has a 50 day moving average of $5.84 and a two-hundred day moving average of $5.00. The company has a market cap of $2.05 billion, a PE ratio of -45.38 and a beta of 2.38. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the prior year, the firm earned ($0.07) EPS. Research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other 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 directly 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 document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,356,881 shares of company stock worth $8,608,389. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% in 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. Paloma Partners Management Co purchased a new stake in Cipher Mining during the third quarter valued at $4,029,000. The Manufacturers Life Insurance Company lifted its holdings in Cipher Mining by 47.4% in the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock valued at $383,000 after acquiring an additional 31,815 shares during the period. Finally, Duncan Williams Asset Management LLC purchased a new position in Cipher Mining in the third quarter worth about $553,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.