Cipher Mining (NASDAQ:CIFR) Trading Up 6.1% - Here's What Happened

Key Points

• Cipher Mining's stock price increased by 6.1% to $19.91, with over 37 million shares traded, marking a significant rise in volume compared to its average daily trading.
• Analysts have shown mixed sentiment, with HC Wainwright upgrading their target price to $17.00 and BTIG Research raising it to $25.00, while Weiss Ratings maintains a "sell" rating.
• Recent insider trading included significant sales, with major shareholder Holding Ltd V3 selling over $10 million worth of shares, reducing their stake in the company.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price was up 6.1% on Monday . The stock traded as high as $20.99 and last traded at $19.91. Approximately 37,466,760 shares changed hands during mid-day trading, an increase of 38% from the average daily volume of 27,225,525 shares. The stock had previously closed at $18.76.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CIFR shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Cipher Mining in a research note on Tuesday, October 14th. HC Wainwright increased their target price on Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research note on Monday, September 29th. JPMorgan Chase & Co. increased their target price on Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a research note on Friday, September 26th. BTIG Research increased their target price on Cipher Mining from $9.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday, October 14th. Finally, Arete Research began coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price target on the stock. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.68.

Cipher Mining Stock Performance

The company has a market cap of $7.83 billion, a price-to-earnings ratio of -46.30 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 stock has a 50-day moving average price of $11.33 and a 200 day moving average price of $6.62.

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 analysts' consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The business had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. As a group, analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 535,843 shares of the firm's stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $20.32, for a total value of $10,888,329.76. Following the completion of the transaction, the insider directly owned 61,316,694 shares in the company, valued at $1,245,955,222.08. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Arthur Kelly sold 26,581 shares of the firm's stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total value of $560,327.48. Following the completion of the transaction, the chief operating officer owned 1,213,919 shares of the company's stock, valued at approximately $25,589,412.52. This represents a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,585,388 shares of company stock worth $288,102,231. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stoneridge Investment Partners LLC bought a new position in shares of Cipher Mining during the 1st quarter worth approximately $29,000. Valeo Financial Advisors LLC bought a new position in shares of Cipher Mining during the 1st quarter worth approximately $37,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock worth $43,000 after acquiring an additional 6,516 shares during the period. Signal Advisors Wealth LLC bought a new position in shares of Cipher Mining during the 2nd quarter worth approximately $48,000. Finally, Custos Family Office LLC bought a new position in shares of Cipher Mining during the 2nd quarter worth approximately $48,000. 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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