Cipher Mining (NASDAQ:CIFR) Reaches New 1-Year High - What's Next?

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) achieved a new 52-week high, trading at $9.36, marking a significant increase from its previous close of $7.72.
• Equities research analysts have provided optimistic ratings for Cipher Mining, with one analyst issuing a Strong Buy and several raising price targets, leading to an average rating of "Moderate Buy" and a consensus price target of $7.67.
• Despite reporting a negative EPS of ($0.12) for its latest quarter, the company's revenue fell short of expectations, at $43.57 million compared to the consensus estimate of $51.89 million.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $9.36 and last traded at $9.22, with a volume of 68170442 shares. The stock had previously closed at $7.72.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Jones Trading assumed coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating for the company. Canaccord Genuity Group raised their price target on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. Finally, Cantor Fitzgerald upped their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $7.67.

Cipher Mining Stock Up 19.4%

The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $3.63 billion, a PE ratio of -21.44 and a beta of 2.76. The stock's fifty day simple moving average is $6.22 and its 200-day simple moving average is $4.29.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). The firm had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holding Ltd V3 sold 700,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $7.60, for a total transaction of $5,320,000.00. Following the completion of the sale, the insider directly owned 86,642,259 shares of the company's stock, valued at $658,481,168.40. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $6.11, for a total value of $4,075,431.10. Following the sale, the insider directly owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,366,662 shares of company stock worth $47,646,046 over the last ninety days. Insiders own 2.89% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the business. Voya Investment Management LLC raised its stake in Cipher Mining by 3.6% in the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock valued at $274,000 after acquiring an additional 2,036 shares during the period. Mackenzie Financial Corp grew its position in shares of Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock valued at $61,000 after purchasing an additional 2,754 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of Cipher Mining by 7.9% in the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company's stock valued at $183,000 after purchasing an additional 2,812 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Cipher Mining by 11.7% in the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock valued at $64,000 after purchasing an additional 2,940 shares in the last quarter. Finally, DLK Investment Management LLC grew its position in shares of Cipher Mining by 18.4% in the second quarter. DLK Investment Management LLC now owns 19,300 shares of the company's stock valued at $92,000 after purchasing an additional 3,000 shares in the last quarter. 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.

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