Cipher Mining (NASDAQ:CIFR) Stock Price Up 5.2% - Should You Buy?

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) shares were up 5.2% on Thursday . The company traded as high as $5.27 and last traded at $5.16. Approximately 12,859,528 shares changed 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 Upgrades and Downgrades

Several research firms recently issued reports on CIFR. Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Cantor Fitzgerald boosted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. Jones Trading assumed coverage on shares of Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating for the company. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $7.70.

Cipher Mining Trading Up 1.5%

The business's 50 day moving average price is $5.10 and its two-hundred day moving average price is $4.13. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -11.59 and a beta of 2.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18.

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

Insider Buying and Selling

In other news, major shareholder Holding Ltd V3 sold 369,984 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $5.61, for a total transaction of $2,075,610.24. Following the sale, the insider owned 90,942,259 shares in the company, valued at $510,186,072.99. The trade was a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $6.06, for a total value of $1,752,218.70. Following the sale, the insider directly 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. Insiders have sold 5,314,323 shares of company stock worth $32,144,964 in the last 90 days. 2.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in the business. Ardsley Advisory Partners LP bought a new position in shares of Cipher Mining in the 2nd quarter valued at about $717,000. Jump Financial LLC bought a new position in shares of Cipher Mining in the 2nd quarter valued at about $921,000. Cresset Asset Management LLC bought a new position in shares of Cipher Mining in the 2nd quarter valued at about $1,217,000. Two Seas Capital LP bought a new position in shares of Cipher Mining in the 2nd quarter valued at about $1,195,000. Finally, New York State Common Retirement Fund boosted its stake in shares of Cipher Mining by 49.8% in the 2nd quarter. New York State Common Retirement Fund now owns 83,882 shares of the company's stock valued at $401,000 after purchasing an additional 27,900 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.

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