Cipher Mining (NASDAQ:CIFR) Trading Up 19.9% - Should You Buy?

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) saw a significant increase in its stock price, rising by 19.9% to trade at around $20.34 with a high of $20.60 during the day.
• Several analysts have set new price targets for Cipher Mining, with estimates ranging from $14.50 to $24.00 and a consensus average target of $15.23.
• Insider activity was notable as major shareholder Holding Ltd V3 sold 3.5 million shares, impacting ownership levels and signaling potential shifts in investor sentiment.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was up 19.9% during trading on Monday . The company traded as high as $20.60 and last traded at $20.34. Approximately 57,587,741 shares changed hands during trading, an increase of 117% from the average daily volume of 26,553,346 shares. The stock had previously closed at $16.97.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Northland Securities set a $14.50 target price on shares of Cipher Mining in a report on Monday, September 29th. Macquarie boosted their target price on shares of Cipher Mining from $8.00 to $16.00 and gave the company an "outperform" rating in a report on Monday, September 29th. JPMorgan Chase & Co. boosted their target price on shares of Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a report on Friday, September 26th. HC Wainwright boosted their target price on shares of Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a report on Monday, September 29th. Finally, Arete started coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 target price for the company. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $15.23.

Cipher Mining Trading Up 19.9%

The stock has a market capitalization of $8.00 billion, a price-to-earnings ratio of -47.30 and a beta of 2.87. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The business's 50-day simple moving average is $9.53 and its two-hundred day simple moving average is $5.88.

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

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business's stock in a transaction on 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 transaction, the insider directly owned 71,437,719 shares of the company's stock, valued at approximately $882,970,206.84. The trade was 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 hyperlink. Insiders have sold 18,601,254 shares of company stock worth $196,431,060 over the last 90 days. Insiders own 2.63% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CIFR. Rhumbline Advisers increased its stake in shares of Cipher Mining by 2.3% in the first quarter. Rhumbline Advisers now owns 276,376 shares of the company's stock worth $636,000 after buying an additional 6,270 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Cipher Mining by 72.3% in the first quarter. Farther Finance Advisors LLC now owns 41,920 shares of the company's stock worth $103,000 after buying an additional 17,586 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Cipher Mining by 0.3% in the first quarter. Exchange Traded Concepts LLC now owns 1,476,421 shares of the company's stock worth $3,396,000 after buying an additional 4,599 shares during the last quarter. FNY Investment Advisers LLC increased its stake in shares of Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after buying an additional 4,800 shares during the last quarter. Finally, Duncan Williams Asset Management LLC increased its stake in shares of Cipher Mining by 3.2% in the first quarter. Duncan Williams Asset Management LLC now owns 141,434 shares of the company's stock worth $325,000 after buying an additional 4,434 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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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