Cipher Mining (NASDAQ:CIFR) Sets New 12-Month High - Should You Buy?

Key Points

• Cipher Mining Inc. reached a new 52-week high stock price of $15.78, closing at $14.70 with significant volume of over 66 million shares traded.
• Analysts have a consensus price target of $15.23 for Cipher Mining, with a majority rating the stock as a "Moderate Buy."
• Recent sales activity includes a major shareholder selling over 3.5 million shares at an average price of $12.36, reducing their ownership stake by nearly 4.68%.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price hit a new 52-week high on Saturday . The company traded as high as $15.78 and last traded at $14.70, with a volume of 66926726 shares traded. The stock had previously closed at $13.81.

Analysts Set New Price Targets

Several brokerages recently weighed in on CIFR. Northland Securities set a $14.50 price objective on shares of Cipher Mining in a research report on Monday. HC Wainwright boosted their price target on shares of Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a report on Monday, September 29th. Arete Research assumed coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price objective on the stock. JPMorgan Chase & Co. increased their price target on shares of Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a report on Friday, September 26th. Finally, Rosenblatt Securities upped their target price on Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $15.23.

Cipher Mining Price Performance

The stock has a market cap of $5.78 billion, a P/E ratio of -34.19 and a beta of 2.87. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The business's fifty day moving average price is $8.41 and its 200 day moving average price is $5.36.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The business had revenue of $43.57 million during 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%. Sell-side analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the transaction, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 20,901,254 shares of company stock valued at $210,570,720 over the last quarter. 2.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its position in shares of Cipher Mining by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock worth $61,000 after acquiring an additional 2,754 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Cipher Mining by 7.9% during the 2nd 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 during the last quarter. Wellington Management Group LLP lifted 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 worth $64,000 after buying an additional 2,940 shares in the last quarter. DLK Investment Management LLC grew its stake in shares of Cipher Mining by 18.4% in the 2nd quarter. DLK Investment Management LLC now owns 19,300 shares of the company's stock worth $92,000 after buying an additional 3,000 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its position in shares of Cipher Mining by 13.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company's stock valued at $69,000 after purchasing an additional 3,455 shares during the last quarter. 12.26% of the stock is currently owned by 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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