Cipher Mining (NASDAQ:CIFR) Shares Up 7.1% Following Analyst Upgrade

Key Points

• Cipher Mining's stock surged 7.1% after Macquarie raised its price target from $16.00 to $27.00, maintaining an outperform rating on the company.
• Insider selling activity was noted, with COO Patrick Arthur Kelly selling 26,581 shares, while major shareholder Holding Ltd V3 sold 535,843 shares, reducing their holdings.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $18.68, despite some analysts issuing sell ratings.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price shot up 7.1% during trading on Thursday after Macquarie raised their price target on the stock from $16.00 to $27.00. Macquarie currently has an outperform rating on the stock. Cipher Mining traded as high as $17.65 and last traded at $17.25. 32,411,454 shares changed hands during trading, an increase of 18% from the average session volume of 27,460,201 shares. The stock had previously closed at $16.11.

Other research analysts also recently issued research reports about the stock. Northland Securities set a $14.50 price target on shares of Cipher Mining in a research report on Monday, September 29th. JPMorgan Chase & Co. boosted their price target 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. Weiss Ratings restated a "sell (d+)" rating on shares of Cipher Mining in a research report on Tuesday, October 14th. Compass Point assumed coverage on shares of Cipher Mining in a research note on Monday, September 15th. They issued a "buy" rating for the company. Finally, BTIG Research lifted their price objective on shares of Cipher Mining from $9.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 14th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.68.

Insiders Place Their Bets

In other Cipher Mining news, COO Patrick Arthur Kelly sold 26,581 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total transaction of $560,327.48. Following the completion of the sale, the chief operating officer owned 1,213,919 shares in the company, valued at approximately $25,589,412.52. The trade was a 2.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Holding Ltd V3 sold 535,843 shares of the business's stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $20.32, for a total transaction of $10,888,329.76. Following the sale, the insider owned 61,316,694 shares of the company's stock, valued at $1,245,955,222.08. This trade represents a 0.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,085,388 shares of company stock valued at $284,827,231 in the last 90 days. 2.63% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

Institutional investors have recently made changes to their positions in the company. Helix Partners Management LP grew its stake in shares of Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after acquiring an additional 2,153,058 shares in the last quarter. Impact Partnership Wealth LLC purchased a new position in shares of Cipher Mining in the 1st quarter worth about $109,000. Greenleaf Trust purchased a new position in shares of Cipher Mining in the 2nd quarter worth about $108,000. SRN Advisors LLC boosted its holdings in shares of Cipher Mining by 42.1% in the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company's stock worth $654,000 after buying an additional 84,148 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cipher Mining by 5.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company's stock worth $7,635,000 after buying an additional 180,010 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

Cipher Mining Stock Up 7.1%

The stock's fifty day moving average is $11.82 and its two-hundred day moving average is $6.76. 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 company has a market capitalization of $6.78 billion, a PE ratio of -40.12 and a beta of 2.87.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting analysts' consensus estimates 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 net margin of 96.95% and a negative return on equity of 21.71%. As a group, analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

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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