Cipher Mining (NASDAQ:CIFR) Shares Up 9.2% - Here's Why

Key Points

• Cipher Mining shares jumped 9.2% on Tuesday to about $19.54 (intraday high $19.85) on lower-than-average volume after a prior close of $17.89.
• Analysts are broadly positive with 14 Buys, a consensus rating of “Moderate Buy” and a consensus target price of $25.00 (price targets range higher, including Morgan Stanley's $40.50).
• The company reported weaker-than-expected results for the quarter — EPS of ($0.28) missed estimates, revenue fell 28.8% year-over-year to $34.8M, and margins/ROE remained deeply negative.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price shot up 9.2% during trading on Tuesday . The company traded as high as $19.85 and last traded at $19.5430. 23,529,899 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 27,595,301 shares. The stock had previously closed at $17.89.

Analyst Ratings Changes

A number of brokerages recently commented on CIFR. Zacks Research raised Cipher Mining from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 25th. Rosenblatt Securities reiterated a "buy" rating and issued a $24.00 price target on shares of Cipher Mining in a research note on Thursday, March 26th. Morgan Stanley reiterated an "overweight" rating and issued a $40.50 price target on shares of Cipher Mining in a research note on Monday, April 27th. Keefe, Bruyette & Woods cut their price target on Cipher Mining from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Wednesday, March 11th. Finally, Cantor Fitzgerald cut their price target on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Fourteen 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's stock. According to data from MarketBeat, Cipher Mining presently has an average rating of "Moderate Buy" and a consensus target price of $25.00.

Cipher Mining Price Performance

The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. The firm has a market cap of $8.99 billion, a PE ratio of -10.18 and a beta of 3.13. The stock has a 50 day simple moving average of $15.64 and a 200-day simple moving average of $16.79.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). The business had revenue of $34.84 million during the quarter, compared to analysts' expectations of $36.01 million. Cipher Mining had a negative return on equity of 107.05% and a negative net margin of 367.17%.The company's revenue was down 28.8% on a year-over-year basis. Equities analysts anticipate that Cipher Mining Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, Director Cary M. Grossman sold 30,000 shares of the firm's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $14.54, for a total transaction of $436,200.00. Following the completion of the transaction, the director owned 170,530 shares in the company, valued at $2,479,506.20. This trade represents a 14.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 35,568 shares of the firm's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the transaction, the chief operating officer owned 1,441,508 shares of the company's stock, valued at approximately $21,593,789.84. The trade was a 2.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 148,229 shares of company stock worth $2,283,968. 2.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CIFR. Sherman Asset Management Inc. purchased a new position in shares of Cipher Mining during the third quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new position in shares of Cipher Mining during the fourth quarter valued at about $25,000. Arax Advisory Partners grew its position in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock valued at $28,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Cipher Mining during the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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