Cipher Mining (NASDAQ:CIFR) Trading 8.8% Higher - What's Next?

Key Points

• Cipher Mining shares rose 8.8% on Thursday, trading as high as $27.94 and closing near $28.66 on lighter-than-average volume.
• Analyst sentiment remains mixed but generally positive: the stock has a Moderate Buy consensus with an average price target of $27.69, though Morgan Stanley cut its target to $48.50 and some firms still rate it a sell.
• The company recently reported weaker-than-expected quarterly results, missing EPS and revenue estimates, while insiders sold shares and the stock continues to show high volatility with a beta of 3.18.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) traded up 8.8% during trading on Thursday . The stock traded as high as $27.94 and last traded at $28.6620. 7,317,606 shares were traded during trading, a decline of 73% from the average session volume of 27,168,939 shares. The stock had previously closed at $26.35.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Cipher Mining from $53.50 to $48.50 and set an "overweight" rating for the company in a research note on Thursday, June 4th. Wall Street Zen lowered shares of Cipher Mining from a "hold" rating to a "strong sell" rating in a research note on Sunday, March 1st. Keefe, Bruyette & Woods boosted their target price on shares of Cipher Mining from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. Rosenblatt Securities boosted their target price on shares of Cipher Mining from $24.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cipher Mining in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $27.69.

Cipher Mining Price Performance

The stock has a market capitalization of $11.97 billion, a PE ratio of -12.62 and a beta of 3.18. 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 stock's 50 day moving average price is $20.89 and its 200-day moving average price is $17.75.

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

Insider Buying and Selling

In related news, major shareholder Holding Ltd V3 sold 1,200,000 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $25.49, for a total value of $30,588,000.00. Following the completion of the sale, the insider directly owned 58,316,694 shares of the company's stock, valued at $1,486,492,530.06. This represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 48,000 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the sale, the chief operating officer directly owned 1,451,856 shares of the company's stock, valued at approximately $28,107,932.16. This trade represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,178,236 shares of company stock valued at $81,848,926 over the last quarter. 2.63% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in CIFR. Los Angeles Capital Management LLC purchased a new stake in Cipher Mining in the fourth quarter worth about $25,000. Arax Advisory Partners lifted its stake in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock worth $27,000 after acquiring an additional 1,338 shares during the period. GAMMA Investing LLC lifted its stake in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock worth $28,000 after acquiring an additional 1,286 shares during the period. Meeder Asset Management Inc. purchased a new stake in Cipher Mining in the fourth quarter worth about $28,000. Finally, Danske Bank A S lifted its stake in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company's stock worth $37,000 after acquiring an additional 2,300 shares during the period. 12.26% of the stock is owned by hedge funds and other 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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