Cipher Mining (NASDAQ:CIFR) Trading 5.2% Higher - Here's What Happened

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) saw a 5.2% increase in stock price, reaching $5.16, although trading volume was down 38% from average levels.
• Recent analyst opinions are favorable, with Macquarie increasing their price target to $8.00, contributing to a consensus rating of "Moderate Buy" with a price target of $7.70.
• Insider trading activity includes significant sales from major shareholders, with a total of 5.3 million shares sold in the last 90 days, indicating cautious sentiment among insiders.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was up 5.2% during trading on Thursday . The company traded as high as $5.27 and last traded at $5.16. Approximately 12,859,528 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 20,844,396 shares. The stock had previously closed at $4.90.

Analyst Ratings Changes

Several research firms have recently commented on CIFR. Canaccord Genuity Group increased their price target on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday. Macquarie boosted their price target on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Jones Trading started coverage on shares of Cipher Mining in a research note on Monday, July 21st. They set a "hold" rating on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a research report on Wednesday, May 7th. Finally, Cantor Fitzgerald upped their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $7.67.

Cipher Mining Stock Down 4.8%

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 50-day moving average price of $5.23 and a two-hundred day moving average price of $4.14.

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

Insiders Place Their Bets

In related news, Director Cary M. Grossman sold 75,000 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $5.89, for a total transaction of $441,750.00. Following the transaction, the director directly owned 225,530 shares in the company, valued at $1,328,371.70. This trade represents a 24.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $6.06, for a total transaction of $1,752,218.70. Following the sale, the insider owned 93,378,292 shares of the company's stock, valued at approximately $565,872,449.52. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,466,662 shares of company stock worth $33,020,046. Corporate insiders own 2.89% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Marex Group plc bought a new stake in shares of Cipher Mining during the second quarter valued at approximately $333,000. Nomura Holdings Inc. bought a new stake in shares of Cipher Mining during the second quarter valued at about $397,000. Tower Research Capital LLC TRC grew its position in Cipher Mining by 41.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after buying an additional 9,295 shares in the last quarter. Northern Right Capital Management L.P. acquired a new position in Cipher Mining during the 2nd quarter valued at about $846,000. Finally, Tidal Investments LLC raised its position in shares of Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock worth $33,386,000 after buying an additional 1,541,138 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Cipher Mining Company Profile

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.