Cipher Mining (NASDAQ:CIFR) Trading Up 6.2% - Still a Buy?

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. Cantor Fitzgerald increased their target price 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. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Cipher Mining has a consensus rating of "Buy" and an average price target of $7.63.

Cipher Mining Stock Down 0.9%

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of -17.67 and a beta of 2.72. The business's fifty day moving average price is $4.34 and its 200 day moving average price is $4.09.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting 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 analysts' expectations of $53.57 million. On average, equities analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the stock in a transaction dated 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 directly owned 93,378,292 shares of the company's stock, valued at approximately $565,872,449.52. This represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 3,378,290 shares of company stock valued at $20,074,097. 2.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Greenleaf Trust purchased a new position in shares of Cipher Mining during the 2nd quarter worth about $108,000. Farther Finance Advisors LLC lifted its holdings in shares of Cipher Mining by 33.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 55,992 shares of the company's stock worth $268,000 after acquiring an additional 14,072 shares during the period. Baader Bank Aktiengesellschaft purchased a new position in shares of Cipher Mining during the 2nd quarter worth about $94,000. Signal Advisors Wealth LLC purchased a new position in shares of Cipher Mining during the 2nd quarter worth about $48,000. Finally, DLK Investment Management LLC lifted its holdings in shares of Cipher Mining by 18.4% during the 2nd quarter. DLK Investment Management LLC now owns 19,300 shares of the company's stock worth $92,000 after acquiring an additional 3,000 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.