Cipher Mining (NASDAQ:CIFR) Stock Price Up 9.3% Following Analyst Upgrade

Key Points

• Cipher Mining's stock (NASDAQ:CIFR) surged 9.3% after HC Wainwright raised its price target from $7.50 to $17.00, maintaining a buy rating on the stock.
• A number of brokerages have recently issued buy ratings and increased price targets for Cipher Mining, with an average price target now at $13.77.
• Insider trading activity includes a major shareholder selling over 3.5 million shares, reducing their stake by 4.68%, while insiders have sold a total of 17.8 million shares in the last ninety days.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shot up 9.3% during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $7.50 to $17.00. HC Wainwright currently has a buy rating on the stock. Cipher Mining traded as high as $12.32 and last traded at $12.54. 30,106,432 shares changed hands during trading, an increase of 22% from the average session volume of 24,683,363 shares. The stock had previously closed at $11.47.

A number of other brokerages have also weighed in on CIFR. Compass Point began coverage on shares of Cipher Mining in a report on Monday, September 15th. They issued a "buy" rating on the stock. Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Arete began coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price target on the stock. Northland Securities set a $14.50 price target on shares of Cipher Mining in a report on Monday. Finally, Canaccord Genuity Group lifted their price target on shares of Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a report on Monday. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Moderate Buy" and an average price target of $13.77.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of Cipher Mining stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the sale, the insider owned 71,437,719 shares of the company's stock, valued at $882,970,206.84. The trade was a 4.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 44,870 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $10.80, for a total transaction of $484,596.00. Following the transaction, the chief operating officer directly owned 1,044,390 shares of the company's stock, valued at approximately $11,279,412. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,816,072 shares of company stock worth $170,436,757 in the last ninety days. 2.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Marex Group plc acquired a new position in Cipher Mining during the 2nd quarter worth $333,000. Nomura Holdings Inc. acquired a new position in Cipher Mining during the 2nd quarter worth $397,000. Tower Research Capital LLC TRC grew its holdings in Cipher Mining by 41.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock worth $152,000 after acquiring 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 worth $846,000. Finally, Tidal Investments LLC grew its holdings in 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 acquiring an additional 1,541,138 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Price Performance

The company's fifty day moving average price is $7.75 and its 200 day moving average price is $5.04. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of -28.96 and a beta of 2.75.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $51.89 million. Equities research analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

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.

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