Cipher Mining (NASDAQ:CIFR) Trading 6.6% Higher - Still a Buy?

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) shares rose 6.6% to $10.63 with trading volume significantly lower than average, totaling 5,419,870 shares.
• Analysts have upgraded Cipher Mining's ratings, with one analyst giving a Strong Buy rating, while the average consensus target price is set at $7.67.
• Recent insider transactions show substantial sales, with directors selling over 77,000 shares combined, representing a decrease in their ownership stake in the company.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares traded up 6.6% during trading on Friday . The stock traded as high as $10.45 and last traded at $10.63. 5,419,870 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 22,577,996 shares. The stock had previously closed at $9.97.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group lifted their price target on Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Macquarie lifted their price target on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Cantor Fitzgerald lifted their price target on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Trading Up 8.7%

The firm has a market capitalization of $4.26 billion, a P/E ratio of -25.08 and a beta of 2.76. 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 50 day moving average price of $6.39 and a two-hundred day moving average price of $4.37.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its 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 during 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, equities research analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James E. Newsome sold 32,468 shares of Cipher Mining stock in a transaction on Monday, August 18th. The stock was sold at an average price of $6.16, for a total transaction of $200,002.88. Following the completion of the sale, the director owned 194,313 shares of the company's stock, valued at approximately $1,196,968.08. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 44,871 shares of Cipher Mining stock in a transaction on Friday, August 15th. The shares were sold at an average price of $5.20, for a total value of $233,329.20. Following the sale, the chief operating officer directly owned 1,089,260 shares of the company's stock, valued at approximately $5,664,152. The trade was a 3.96% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,966,662 shares of company stock worth $52,134,046. 2.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in Cipher Mining by 18.1% during 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 grew its position in Cipher Mining by 28.3% during the second 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. Vident Advisory LLC grew its position in Cipher Mining by 11.9% during the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after buying an additional 503,694 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after buying an additional 1,610,073 shares in the last quarter. Finally, 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 worth $10,120,000 after buying an additional 2,153,058 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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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