Cipher Mining (NASDAQ:CIFR) Trading Up 2.2% - Still a Buy?

Key Points

• Cipher Mining's stock increased by 2.2%, closing at $17.99 after a significant trading volume rise of 91% compared to its average.
• Analysts have a Moderate Buy average rating for Cipher Mining, with target prices ranging from $12.00 to $24.00, reflecting varying levels of optimism.
• Recent insider sales saw major shareholder Holding Ltd V3 reduce their stake by 2.86%, selling 2 million shares at an average price of $12.08.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was up 2.2% on Thursday . The stock traded as high as $18.18 and last traded at $17.99. Approximately 49,914,794 shares were traded during trading, an increase of 91% from the average daily volume of 26,135,906 shares. The stock had previously closed at $17.60.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CIFR shares. Jones Trading started coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Arete began coverage on Cipher Mining in a research note on Wednesday, September 24th. They set a "buy" rating and a $24.00 price objective for the company. Rosenblatt Securities lifted their price objective on Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Macquarie lifted their price objective on Cipher Mining from $8.00 to $16.00 and gave the company an "outperform" rating in a research note on Monday, September 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a research note on Friday, September 26th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $15.23.

Cipher Mining Stock Up 2.2%

The company has a 50 day moving average price of $9.29 and a two-hundred day moving average price of $5.74. 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 stock has a market cap of $7.08 billion, a PE ratio of -41.84 and a beta of 2.87.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). The firm 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%. Analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the company's stock in a transaction on Monday, September 29th. The stock was sold at an average price of $12.08, for a total transaction of $24,160,000.00. Following the completion of the sale, the insider owned 67,852,537 shares in the company, valued at approximately $819,658,646.96. This represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 44,870 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the sale, the chief operating officer owned 1,044,390 shares of the company's stock, valued at approximately $11,279,412. This trade represents a 4.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,701,254 shares of company stock valued at $203,160,720. 2.89% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Several hedge funds have recently bought and sold shares of the stock. Teacher Retirement System of Texas grew its holdings in Cipher Mining by 7.9% during the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company's stock valued at $183,000 after purchasing an additional 2,812 shares during the period. Wellington Management Group LLP boosted its stake in Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock valued at $64,000 after buying an additional 2,940 shares during the last quarter. DLK Investment Management LLC boosted its stake in Cipher Mining by 18.4% during the second quarter. DLK Investment Management LLC now owns 19,300 shares of the company's stock valued at $92,000 after buying an additional 3,000 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in Cipher Mining by 13.0% during the first quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company's stock valued at $69,000 after buying an additional 3,455 shares during the last quarter. Finally, Impact Partnership Wealth LLC boosted its stake in Cipher Mining by 7.5% during the second quarter. Impact Partnership Wealth LLC now owns 51,128 shares of the company's stock valued at $244,000 after buying an additional 3,573 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

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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