Cipher Mining (NASDAQ:CIFR) Shares Up 19.8% - Should You Buy?

Key Points

• Cipher Mining's shares surged 19.8% during trading on Friday, reaching a high of $20.87 after closing at $17.25 previously.
• Analysts are divided on the stock, with twelve giving a Buy rating, two a Hold rating, and one a Sell rating. Macquarie even raised their price target to $27.00.
• Insider selling has been notable, with major shareholder Holding Ltd V3 unloading 3.5 million shares, which represents a 4.68% decrease in their ownership.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shot up 19.8% during mid-day trading on Friday . The company traded as high as $20.87 and last traded at $20.66. 46,668,088 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 27,576,201 shares. The stock had previously closed at $17.25.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CIFR. Macquarie raised their price target on Cipher Mining from $16.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday. Weiss Ratings restated a "sell (d+)" rating on shares of Cipher Mining in a research note on Tuesday, October 14th. Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. HC Wainwright lifted their target price on Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Finally, Compass Point initiated coverage on Cipher Mining in a research report on Monday, September 15th. They set a "buy" rating on the stock. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.68.

Cipher Mining Stock Up 19.8%

The company has a market capitalization of $8.13 billion, a PE ratio of -48.05 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 company has a 50-day moving average of $12.06 and a two-hundred day moving average of $6.86.

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

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business's stock in a transaction dated 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 directly owned 71,437,719 shares in the company, valued at $882,970,206.84. The trade was 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 available at this hyperlink. Insiders sold 21,585,388 shares of company stock valued at $281,602,231 in the last quarter. 2.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently made changes to their positions in CIFR. Stoneridge Investment Partners LLC purchased a new position in shares of Cipher Mining in the first quarter valued at about $29,000. Valeo Financial Advisors LLC purchased a new position in shares of Cipher Mining in the first quarter valued at about $37,000. Steward Partners Investment Advisory LLC lifted its position in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after acquiring an additional 6,516 shares in the last quarter. Signal Advisors Wealth LLC purchased a new position in shares of Cipher Mining in the second quarter valued at about $48,000. Finally, Custos Family Office LLC purchased a new position in shares of Cipher Mining in the second quarter valued at about $48,000. 12.26% of the stock is currently owned by hedge funds and other 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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