Cipher Mining (NASDAQ:CIFR) Sets New 12-Month High - Still a Buy?

Key Points

• Cipher Mining Inc. reached a new 52-week high of $11.32, with the stock last trading at $10.85 and a trading volume of 42.36 million shares.
• Analysts have provided a range of ratings for Cipher Mining, with one Strong Buy, ten Buy, and two Hold ratings, resulting in an average target price of $7.67.
• Insiders sold a significant number of shares recently, with director James E. Newsome and major shareholder Holding Ltd V3 decreasing their respective stakes in the company.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The company traded as high as $11.32 and last traded at $10.85, with a volume of 42361433 shares changing hands. The stock had previously closed at $10.85.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CIFR. Jones Trading began coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating for the company. Canaccord Genuity Group boosted their price objective on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Cantor Fitzgerald boosted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Compass Point initiated coverage on shares of Cipher Mining in a research note on Monday. They set a "buy" rating for the company. Finally, Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $7.67.

Cipher Mining Stock Performance

The firm has a market capitalization of $4.27 billion, a price-to-earnings ratio of -25.23 and a beta of 2.75. The firm's 50 day moving average is $6.59 and its 200 day moving average is $4.47. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. Equities analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In other news, Director James E. Newsome sold 32,468 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $6.16, for a total transaction of $200,002.88. Following the sale, the director owned 194,313 shares in the company, valued at $1,196,968.08. The trade was a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holding Ltd V3 sold 900,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $10.60, for a total transaction of $9,540,000.00. Following the sale, the insider owned 82,142,259 shares in the company, valued at $870,707,945.40. This represents a 1.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,766,662 shares of company stock worth $70,656,046 over the last three months. 2.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the company. Millennium Management LLC acquired a new position in Cipher Mining in the 1st quarter valued at approximately $9,316,000. Alyeska Investment Group L.P. acquired a new position in Cipher Mining in the 1st quarter valued at approximately $7,094,000. Helix Partners Management LP increased its stake in Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after buying an additional 2,153,058 shares during the period. JPMorgan Chase & Co. increased its stake in Cipher Mining by 996.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock valued at $10,645,000 after buying an additional 2,023,994 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after buying an additional 1,610,073 shares during the period. Institutional investors and hedge funds own 12.26% of the company's stock.

About Cipher Mining

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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