Cipher Mining (NASDAQ:CIFR) Shares Up 6.4% - Here's What Happened

Key Points

• Cipher Mining's stock rose by 6.4% to a closing price of $14.70, marking a significant increase in trading volume at 66,628,689 shares, which is 161% above the average.
• Analysts have varied ratings for Cipher Mining, with Canaccord Genuity boosting their target price to $16.00, while Weiss Ratings maintained a "sell" rating, showing a mix of confidence and caution among experts.
• Insider activity is notable, with COO Patrick Arthur Kelly selling 44,870 shares, and a major shareholder liquidating 2 million shares, indicating potential shifts in confidence from company insiders.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price shot up 6.4% during mid-day trading on Friday . The company traded as high as $15.78 and last traded at $14.70. 66,628,689 shares traded hands during mid-day trading, an increase of 161% from the average session volume of 25,563,688 shares. The stock had previously closed at $13.81.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CIFR. Canaccord Genuity Group boosted their target price on Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a report on Monday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Cipher Mining in a report on Saturday, September 27th. Arete Research initiated coverage on Cipher Mining in a report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price objective on the stock. Compass Point initiated coverage on Cipher Mining in a report on Monday, September 15th. They set a "buy" rating on the stock. Finally, Rosenblatt Securities upped their price objective on Cipher Mining from $9.00 to $14.00 and gave the stock a "buy" rating in a report on Monday. 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 company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $15.23.

Cipher Mining Price Performance

The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The company has a market cap of $5.78 billion, a price-to-earnings ratio of -34.19 and a beta of 2.87. The company has a fifty day simple moving average of $8.41 and a two-hundred day simple moving average of $5.36.

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

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,870 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $10.80, for a total transaction of $484,596.00. Following the completion of the sale, the chief operating officer owned 1,044,390 shares in the company, valued at $11,279,412. This trade represents a 4.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Ltd V3 sold 2,000,000 shares of the firm's stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $12.08, for a total value of $24,160,000.00. Following the sale, the insider owned 67,852,537 shares of the company's stock, valued at approximately $819,658,646.96. This trade represents a 2.86% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,901,254 shares of company stock valued at $210,570,720. 2.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC boosted its position in Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after purchasing an additional 6,516 shares during the period. Signal Advisors Wealth LLC acquired a new position in Cipher Mining during the 2nd quarter valued at approximately $48,000. Custos Family Office LLC acquired a new position in Cipher Mining during the 2nd quarter valued at approximately $48,000. Maripau Wealth Management LLC acquired a new position in Cipher Mining during the 2nd quarter valued at approximately $48,000. Finally, Rafferty Asset Management LLC acquired a new position in Cipher Mining during the 2nd quarter valued at approximately $54,000. Institutional investors and hedge funds 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.

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