Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price rose 10.1% on Tuesday . The stock traded as high as $6.80 and last traded at $6.88. Approximately 39,316,600 shares were traded during mid-day trading, an increase of 90% from the average daily volume of 20,665,180 shares. The stock had previously closed at $6.25.
Wall Street Analyst Weigh In
Several research firms have issued reports on CIFR. Jones Trading upgraded shares of Cipher Mining to a "hold" rating in a research report on Monday, July 21st. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a report on Thursday, May 8th. Cantor Fitzgerald boosted their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $7.63.
Read Our Latest Report on Cipher Mining
Cipher Mining Stock Down 2.7%
The stock has a fifty day moving average of $4.66 and a two-hundred day moving average of $4.13. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -17.97 and a beta of 2.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.11 and a quick ratio of 1.11.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.
Insider Transactions at Cipher Mining
In related news, major shareholder Holding Ltd V3 sold 500,000 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $6.55, for a total transaction of $3,275,000.00. Following the sale, the insider owned 92,878,292 shares of the company's stock, valued at $608,352,812.60. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the transaction, the insider directly owned 93,667,437 shares of the company's stock, valued at $572,308,040.07. This represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,878,290 shares of company stock worth $23,349,097 over the last ninety days. Insiders own 2.89% of the company's stock.
Hedge Funds Weigh In On Cipher Mining
Hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in shares of Cipher Mining during the 4th quarter valued at $29,000. Stoneridge Investment Partners LLC purchased a new stake in Cipher Mining during the first quarter valued at $29,000. FNY Investment Advisers LLC lifted its holdings in Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after acquiring an additional 4,800 shares during the period. Valeo Financial Advisors LLC purchased a new position in Cipher Mining in the first quarter worth about $37,000. Finally, Signal Advisors Wealth LLC purchased a new position in Cipher Mining in the second quarter worth about $48,000. Institutional investors own 12.26% of the company's stock.
Cipher Mining Company Profile
(
Get Free Report)
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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