Cipher Mining (NASDAQ:CIFR) Stock Price Up 9.6% - Here's Why

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) saw its stock price increase by 9.6% during trading on Thursday, reaching a high of $14.44 before closing at $13.81.
• Several analysts have upgraded their price targets for CIFR, with HC Wainwright setting a new target of $17.00 and maintaining a "buy" rating.
• Insider activity revealed that major shareholder Holding Ltd V3 sold 3.5 million shares at an average price of $12.36, representing a 4.68% decrease in their ownership.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price rose 9.6% during trading on Thursday . The stock traded as high as $14.44 and last traded at $13.81. Approximately 56,380,142 shares changed hands during mid-day trading, an increase of 122% from the average daily volume of 25,341,592 shares. The stock had previously closed at $12.60.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CIFR. HC Wainwright raised their price objective on shares of Cipher Mining from $7.50 to $17.00 and gave the stock a "buy" rating in a report on Monday. Jones Trading started coverage on shares of Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating for the company. Canaccord Genuity Group lifted their target price on Cipher Mining from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday. JPMorgan Chase & Co. boosted their target price on Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a report on Friday, September 26th. Finally, Cantor Fitzgerald raised their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $15.23.

Cipher Mining Price Performance

The company has a 50-day moving average of $8.11 and a 200-day moving average of $5.21. 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 stock has a market cap of $5.43 billion, a price-to-earnings ratio of -32.12 and a beta of 2.87.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting analysts' consensus estimates 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 analysts' expectations of $51.89 million. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 71,437,719 shares of the company's stock, valued at $882,970,206.84. This represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 20,901,254 shares of company stock worth $210,570,720 in the last quarter. Insiders own 2.89% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of CIFR. Geode Capital Management LLC boosted its stake in shares of Cipher Mining by 18.1% in the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock valued at $34,621,000 after buying an additional 1,108,850 shares in the last quarter. Tidal Investments LLC boosted 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 purchasing an additional 1,541,138 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Cipher Mining by 11.9% during the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after purchasing an additional 503,694 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. Finally, Helix Partners Management LP increased its holdings in shares of Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after purchasing an additional 2,153,058 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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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