Cipher Mining (NASDAQ:CIFR) Trading Up 6.2% - Should You Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) rose 6.2% during trading on Wednesday . The stock traded as high as $6.57 and last traded at $6.34. Approximately 8,921,201 shares traded hands during trading, a decline of 42% from the average daily volume of 15,452,411 shares. The stock had previously closed at $5.97.

Wall Street Analyst Weigh In

CIFR has been the topic of several research reports. Cantor Fitzgerald lifted their price target on shares of 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 reissued a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Rosenblatt Securities reissued a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $7.63.

Cipher Mining Trading Up 5.0%

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.11 and a quick ratio of 1.11. The firm's 50 day moving average is $4.21 and its 200 day moving average is $4.07. The company has a market capitalization of $2.10 billion, a PE ratio of -17.42 and a beta of 2.72.

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, hitting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The company had revenue of $48.96 million for the quarter, compared to the consensus estimate of $53.57 million. As a group, equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $6.06, for a total value of $1,752,218.70. Following the sale, the insider owned 93,378,292 shares in the company, valued at $565,872,449.52. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 3,378,290 shares of company stock valued at $20,074,097 in the last quarter. Insiders own 2.89% of the company's stock.

Institutional Trading of Cipher Mining

Large investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new stake in Cipher Mining in the fourth quarter valued at $29,000. Signal Advisors Wealth LLC bought a new stake in Cipher Mining in the second quarter valued at $48,000. Rafferty Asset Management LLC bought a new stake in Cipher Mining in the fourth quarter valued at $49,000. Captrust Financial Advisors bought a new stake in shares of Cipher Mining during the 4th quarter valued at $54,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining in the 1st quarter worth about $29,000. Institutional investors 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.