Cipher Mining (NASDAQ:CIFR) Trading 7.9% Higher - Here's What Happened

Key Points

• Cipher Mining shares rose 7.9% on Tuesday, trading as high as $22.29 before ending near $22.16, on volume well below its recent average.
• Wall Street analysts remain broadly constructive on the stock, with several firms issuing Buy/Outperform ratings and a consensus target price of $28.22, above the current share price.
• The company’s latest fundamentals were mixed: recent quarterly revenue and EPS missed estimates, while insiders have been selling shares and institutional ownership remains significant.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price shot up 7.9% during trading on Tuesday . The company traded as high as $22.29 and last traded at $22.16. 6,071,602 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 26,798,670 shares. The stock had previously closed at $20.54.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Sanford C. Bernstein began coverage on Cipher Mining in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 price target on the stock. Jefferies Financial Group started coverage on Cipher Mining in a report on Thursday, May 14th. They set a "buy" rating and a $32.00 price objective for the company. BTIG Research upped their target price on Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. HC Wainwright increased their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of "Moderate Buy" and a consensus target price of $28.22.

Cipher Mining Trading Up 15.8%

The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm has a 50 day moving average price of $23.02 and a 200 day moving average price of $18.71. The stock has a market capitalization of $9.73 billion, a PE ratio of -10.19 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million for the quarter, compared to analysts' expectations of $36.12 million. The firm's revenue for the quarter was down 28.8% compared to the same quarter last year. Equities analysts expect that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the company's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. Grossman sold 20,000 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the sale, the director owned 150,530 shares of the company's stock, valued at approximately $3,284,564.60. This represents a 11.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. increased its position in shares of Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company's stock valued at $482,360,000 after acquiring an additional 9,865,533 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in Cipher Mining during the third quarter worth $70,524,000. Situational Awareness LP boosted its position in Cipher Mining by 82.4% in the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock worth $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. Janus Henderson Group PLC boosted its position in Cipher Mining by 3,718.3% in the fourth quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company's stock worth $63,359,000 after purchasing an additional 4,180,362 shares during the last quarter. Finally, Millennium Management LLC bought a new position in Cipher Mining in the 1st quarter valued at $9,316,000. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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