Cipher Mining (NASDAQ:CIFR) Stock Price Up 13.3% - Time to Buy?

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) experienced a significant increase in its share price, rising by 13.3% to a last traded price of $8.66 on Tuesday.
• Equities analysts have issued favorable ratings for Cipher Mining, with price targets ranging from $5.50 to $9.00, indicating a general consensus of "Moderate Buy."
• In recent insider transactions, COO Patrick Arthur Kelly sold 44,871 shares at an average price of $5.20, alongside major shareholder Bitfury selling 289,145 shares at an average price of $6.06.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price rose 13.3% during trading on Tuesday . The company traded as high as $8.57 and last traded at $8.66. Approximately 16,027,353 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 21,491,969 shares. The stock had previously closed at $7.64.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of recent analyst reports. Macquarie lifted their price objective on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Cantor Fitzgerald boosted their price target on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Canaccord Genuity Group boosted their price target on Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Finally, Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Price Performance

The company has a 50-day moving average price of $6.08 and a two-hundred day moving average price of $4.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The company has a market cap of $2.96 billion, a PE ratio of -17.49 and a beta of 2.76.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting 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 company had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Sell-side analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 44,871 shares of the business's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $5.20, for a total value of $233,329.20. Following the transaction, the chief operating officer owned 1,089,260 shares in the company, valued at approximately $5,664,152. The trade was a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holding Ltd V3 sold 600,000 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $8.13, for a total value of $4,878,000.00. Following the completion of the transaction, the insider owned 87,942,259 shares in the company, valued at approximately $714,970,565.67. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,066,662 shares of company stock valued at $37,898,046. 2.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Marex Group plc bought a new position in shares of Cipher Mining during the second quarter valued at approximately $333,000. Nomura Holdings Inc. bought a new position in shares of Cipher Mining during the second quarter valued at approximately $397,000. Tower Research Capital LLC TRC grew its holdings in shares of Cipher Mining by 41.4% during the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after purchasing an additional 9,295 shares during the last quarter. Northern Right Capital Management L.P. bought a new position in shares of Cipher Mining during the second quarter valued at approximately $846,000. Finally, Tidal Investments LLC grew its holdings in shares of Cipher Mining by 28.3% during the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock valued at $33,386,000 after purchasing an additional 1,541,138 shares during the last quarter. 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.