Cipher Mining (NASDAQ:CIFR) Shares Up 11.7% - Should You Buy?

Key Points

• Cipher Mining Inc. shares surged by 11.7% on Wednesday, trading as high as $18.09, with a significant increase in trading volume of 149% compared to the average.
• The company received a series of positive ratings from analysts, with 12 analysts issuing "Buy" ratings and a consensus price target of $15.23.
• A major shareholder recently sold 2 million shares at an average price of $12.08, indicating insider trading activity amidst the stock's rising price.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price shot up 11.7% on Wednesday . The company traded as high as $18.09 and last traded at $17.60. 64,709,661 shares were traded during mid-day trading, an increase of 149% from the average session volume of 25,994,889 shares. The stock had previously closed at $15.75.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CIFR. Northland Securities set a $14.50 price objective on shares of Cipher Mining in a research note on Monday, September 29th. Compass Point began coverage on shares of Cipher Mining in a research note on Monday, September 15th. They issued a "buy" rating for the company. Canaccord Genuity Group boosted their price objective on shares of Cipher Mining from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. JPMorgan Chase & Co. boosted their target price on shares of Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a research report on Friday, September 26th. Finally, Needham & Company LLC boosted their target price on shares of Cipher Mining from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.23.

Cipher Mining Stock Up 11.7%

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 firm's 50 day moving average is $8.80 and its two-hundred day moving average is $5.55. The firm has a market cap of $6.92 billion, a P/E ratio of -40.93 and a beta of 2.87.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). The firm had revenue of $43.57 million for the quarter, compared to analyst estimates 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, research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the business's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $12.08, for a total transaction of $24,160,000.00. Following the transaction, the insider directly owned 67,852,537 shares in the company, valued at approximately $819,658,646.96. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 44,870 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $10.80, for a total transaction of $484,596.00. Following the completion of the transaction, the chief operating officer owned 1,044,390 shares in the company, valued at approximately $11,279,412. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,301,254 shares of company stock worth $206,922,720. 2.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas lifted its position in Cipher Mining by 7.9% during the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company's stock worth $183,000 after purchasing an additional 2,812 shares during the period. Wellington Management Group LLP lifted its position in Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock worth $64,000 after purchasing an additional 2,940 shares during the period. DLK Investment Management LLC lifted its position in Cipher Mining by 18.4% during the second quarter. DLK Investment Management LLC now owns 19,300 shares of the company's stock worth $92,000 after purchasing an additional 3,000 shares during the period. SBI Securities Co. Ltd. lifted its position in Cipher Mining by 13.0% during the first quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company's stock worth $69,000 after purchasing an additional 3,455 shares during the period. Finally, Impact Partnership Wealth LLC lifted its position in Cipher Mining by 7.5% during the second quarter. Impact Partnership Wealth LLC now owns 51,128 shares of the company's stock worth $244,000 after purchasing an additional 3,573 shares during the period. Institutional investors own 12.26% of the company's stock.

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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