Cipher Mining (NASDAQ:CIFR) Trading Up 2.7% - Here's What Happened

Key Points

• Shares of Cipher Mining Inc. (NASDAQ:CIFR) were up 2.7% to $15.75, with trading volume increasing by 92% compared to average daily volume.
• Analysts have raised target prices for Cipher Mining, with Rosenblatt Securities increasing their target from $9.00 to $14.00, while Canaccord Genuity set a target of $16.00, indicating strong positive sentiment around the stock.
• Insider selling has been significant, with COO Patrick Arthur Kelly and other major shareholders selling a combined total of over $25 million in shares recently.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) were up 2.7% during trading on Tuesday . The stock traded as high as $15.93 and last traded at $15.75. Approximately 49,570,332 shares were traded during mid-day trading, an increase of 92% from the average daily volume of 25,800,396 shares. The stock had previously closed at $15.34.

Analyst Ratings Changes

Several analysts have recently commented on CIFR shares. Rosenblatt Securities increased their target price on shares of Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a report on Monday, September 29th. JPMorgan Chase & Co. raised their price objective on shares of Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a report on Friday, September 26th. Weiss Ratings restated a "sell (d)" rating on shares of Cipher Mining in a report on Saturday, September 27th. Canaccord Genuity Group lifted their target price on shares of Cipher Mining from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. Finally, Northland Securities set a $14.50 target price on shares of Cipher Mining in a research note on Monday, September 29th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cipher Mining presently has an average rating of "Moderate Buy" and a consensus target price of $15.23.

Cipher Mining Trading Up 2.7%

The firm has a market capitalization of $6.19 billion, a P/E ratio of -36.63 and a beta of 2.87. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The firm's 50-day simple moving average is $8.60 and its 200-day simple moving average is $5.48.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $51.89 million. Analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 44,870 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief operating officer directly owned 1,044,390 shares in the company, valued at approximately $11,279,412. The trade was a 4.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holding Ltd V3 sold 2,000,000 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at approximately $819,658,646.96. The trade was a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,301,254 shares of company stock valued at $206,922,720. Company insiders own 2.89% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marex Group plc purchased a new position in Cipher Mining during the 2nd quarter valued at $333,000. Nomura Holdings Inc. purchased a new position in Cipher Mining during the 2nd quarter valued at $397,000. Tower Research Capital LLC TRC increased its position in Cipher Mining by 41.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after purchasing an additional 9,295 shares during the period. Northern Right Capital Management L.P. purchased a new position in Cipher Mining during the 2nd quarter valued at $846,000. Finally, Tidal Investments LLC increased its position in Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock valued at $33,386,000 after purchasing an additional 1,541,138 shares during the period. 12.26% of the stock is currently owned by institutional investors.

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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