Cipher Mining (NASDAQ:CIFR) Trading 2.7% Higher - What's Next?

Key Points

• Cipher Mining's stock increased by 2.7%, trading as high as $21.48, with a notable trading volume surge of 124% compared to its average daily volume.
• Analysts have raised target prices and ratings for Cipher Mining, with a consensus target price of $16.68 and a majority rating of "Moderate Buy."
• Major shareholder Holding Ltd V3 sold over 3.5 million shares at an average price of $12.36, leading to a significant decrease in their ownership stake.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price rose 2.7% during trading on Tuesday . The stock traded as high as $21.48 and last traded at $20.89. Approximately 59,961,063 shares traded hands during trading, an increase of 124% from the average daily volume of 26,731,246 shares. The stock had previously closed at $20.34.

Analysts Set New Price Targets

CIFR has been the topic of several research reports. HC Wainwright raised their price target on Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Arete Research started coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 target price on the stock. Needham & Company LLC raised their target price on shares of Cipher Mining from $10.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, September 30th. Rosenblatt Securities lifted their price objective on shares of Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a report on Monday, September 29th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Cipher Mining in a report on Tuesday. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.68.

Cipher Mining Price Performance

The firm has a 50 day simple moving average of $9.84 and a 200-day simple moving average of $6.00. 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 market cap of $8.22 billion, a PE ratio of -48.58 and a beta of 2.87.

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

Insider Transactions at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 18,022,964 shares of company stock worth $192,926,623. Corporate insiders own 2.63% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

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

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