Cipher Mining (NASDAQ:CIFR) Stock Price Up 4.4% - Time to Buy?

Key Points

• Cipher Mining's stock price increased by 4.4% to $15.34 after a trading session with significantly higher volume, reaching nearly 46 million shares traded.
• Analysts are optimistic about the stock, with a consensus rating of "Moderate Buy" and a target price averaging around $15.23, following upgrades from several research firms.
• Insider trading activity has raised concerns, as major shareholders sold millions of shares recently, leading to a total of 20.9 million shares sold worth over $210 million in the last quarter.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price shot up 4.4% during trading on Monday . The stock traded as high as $16.12 and last traded at $15.34. 45,573,942 shares traded hands during mid-day trading, an increase of 78% from the average session volume of 25,671,752 shares. The stock had previously closed at $14.70.

Analyst Ratings Changes

A number of research analysts have weighed in on CIFR shares. Arete Research initiated coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price objective for the company. Arete started coverage on Cipher Mining in a research note on Wednesday, September 24th. They set a "buy" rating and a $24.00 price objective for the company. Needham & Company LLC lifted their target price on shares of Cipher Mining from $10.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, September 30th. Compass Point assumed coverage on Cipher Mining in a research report on Monday, September 15th. They set a "buy" rating on the stock. Finally, Rosenblatt Securities upped their target price on Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a report on Monday, September 29th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Cipher Mining presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.23.

Cipher Mining Price Performance

The stock has a fifty day simple moving average of $8.60 and a 200-day simple moving average of $5.48. The company has a market capitalization of $6.03 billion, a PE ratio of -35.67 and a beta of 2.87. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23.

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). The business had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. Equities analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 67,852,537 shares of the company's stock, valued at $819,658,646.96. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 44,870 shares of Cipher Mining stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $10.80, for a total value of $484,596.00. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 20,901,254 shares of company stock worth $210,570,720 over the last quarter. 2.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

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

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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