Cipher Mining (NASDAQ:CIFR) Sees Strong Trading Volume - Here's Why

Key Points

• Cipher Mining Inc. experienced a significant increase in trading volume, with 34.5 million shares traded, marking a 46% rise from the previous session.
• The company has received multiple ratings from analysts, with a consensus rating of "Moderate Buy" and a price target increase from $4.00 to $6.00 by Cantor Fitzgerald.
• Recently, major shareholder Bitfury sold substantial shares, reducing their ownership, while institutional investors maintain a 12.26% stake in the company.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw strong trading volume on Thursday . 34,519,478 shares were traded during mid-day trading, an increase of 46% from the previous session's volume of 23,604,176 shares.The stock last traded at $12.27 and had previously closed at $14.14.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Jones Trading assumed coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company. Arete assumed coverage on Cipher Mining in a research note on Wednesday. They issued a "buy" rating and a $24.00 price target for the company. Cantor Fitzgerald increased their price target on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Arete Research assumed coverage on Cipher Mining in a research note on Wednesday. They issued a "buy" rating and a $24.00 price target for the company. Finally, Compass Point assumed coverage on Cipher Mining in a research note on Monday, September 15th. They issued a "buy" rating for the company. Twelve equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.00.

Cipher Mining Stock Performance

The stock has a market capitalization of $5.17 billion, a PE ratio of -30.07 and a beta of 2.76. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The firm has a 50 day moving average price of $7.54 and a 200-day moving average price of $4.89.

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

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the completion of the transaction, the insider directly owned 93,667,437 shares in the company, valued at $572,308,040.07. This trade represents a 0.71% 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, major shareholder Holding Ltd V3 sold 900,000 shares of the firm's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $9.98, for a total value of $8,982,000.00. Following the sale, the insider directly owned 83,942,259 shares in the company, valued at approximately $837,743,744.82. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,411,532 shares of company stock valued at $114,151,642. Company insiders own 2.89% of the company's stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Stoneridge Investment Partners LLC acquired a new stake in Cipher Mining during the first quarter worth about $29,000. FNY Investment Advisers LLC grew its holdings in Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after acquiring an additional 4,800 shares during the period. Valeo Financial Advisors LLC acquired a new stake in Cipher Mining during the first quarter worth about $37,000. Steward Partners Investment Advisory LLC grew its holdings in Cipher Mining by 258.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock worth $43,000 after acquiring an additional 6,516 shares during the period. Finally, Signal Advisors Wealth LLC acquired a new stake in Cipher Mining during the second quarter worth about $48,000. 12.26% of the stock is 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.

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