Cipher Mining (NASDAQ:CIFR) Stock Price Up 7.7% - What's Next?

Key Points

• Cipher Mining's stock price increased by 7.7% during mid-day trading, reaching a last traded value of $12.76 after previously closing at $11.85, although the trading volume declined by 26% from average levels.
• Analysts show a positive outlook with a consensus rating of "Moderate Buy" and a target price range between $8.11 and $13.00, reflecting strong interest from several firms.
• Insider activity reveals significant sell-offs, including a major shareholder selling 900,000 shares for approximately $8.98 million, indicating some reduction in insider ownership.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price rose 7.7% during trading on Friday . The stock traded as high as $12.62 and last traded at $12.76. Approximately 16,926,184 shares changed hands during trading, a decline of 26% from the average daily volume of 23,013,088 shares. The stock had previously closed at $11.85.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Compass Point assumed coverage on shares of Cipher Mining in a research note on Monday, September 15th. They set a "buy" rating for the company. Cantor Fitzgerald lifted their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Jones Trading assumed coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company. Macquarie increased their price target on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Canaccord Genuity Group raised their price objective on shares of Cipher Mining from $9.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and a consensus target price of $8.11.

Cipher Mining Stock Up 3.6%

The firm's fifty day moving average is $7.06 and its 200 day moving average is $4.69. The stock has a market cap of $4.83 billion, a P/E ratio of -28.56 and a beta of 2.76. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23.

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

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the sale, the insider owned 93,667,437 shares in the company, valued at $572,308,040.07. This represents a 0.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Holding Ltd V3 sold 900,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $9.98, for a total transaction of $8,982,000.00. Following the completion of the sale, the insider directly owned 83,942,259 shares in the company, valued at approximately $837,743,744.82. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,611,532 shares of company stock worth $91,453,642 in the last quarter. 2.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently bought and sold shares of CIFR. Mackenzie Financial Corp increased its stake in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock worth $61,000 after acquiring an additional 2,754 shares during the period. Teacher Retirement System of Texas increased its stake in Cipher Mining by 7.9% in the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company's stock valued at $183,000 after acquiring an additional 2,812 shares during the last quarter. Wellington Management Group LLP increased its stake in Cipher Mining by 11.7% in the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock valued at $64,000 after acquiring an additional 2,940 shares during the last quarter. DLK Investment Management LLC increased its stake in shares of Cipher Mining by 18.4% in the 2nd quarter. DLK Investment Management LLC now owns 19,300 shares of the company's stock valued at $92,000 after purchasing an additional 3,000 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in shares of Cipher Mining by 13.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company's stock valued at $69,000 after purchasing an additional 3,455 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

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.