Cipher Mining (NASDAQ:CIFR) Shares Climb 7.8% - Still a Buy?

Key Points

• Cipher Mining shares rose 7.8% to $8.315 during mid-day trading, though trading volume was 79% below the average session volume.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $28.65, despite varied views ranging from “Sell” to “Strong Buy.”
• The company reported weaker-than-expected quarterly results, including a $0.65-per-share loss versus the $0.25 expected loss and revenue of $24.84 million versus $31.86 million expected; institutional investors own 12.26% of the stock.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was up 7.8% during mid-day trading on Tuesday. The company traded as high as $8.54 and last traded at $8.3150. 6,369,379 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 30,633,475 shares. The stock had previously closed at $7.71.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Rothschild & Co Redburn began coverage on Cipher Mining in a research report on Monday, September 21st. They set a "neutral" rating and a $18.00 price target for the company. Freedom Capital upgraded Cipher Mining to a "hold" rating in a report on Friday, September 18th. Rosenblatt Securities reissued a "buy" rating and set a $30.00 target price on shares of Cipher Mining in a research note on Thursday, September 10th. Morgan Stanley lowered their target price on Cipher Mining from $54.00 to $51.50 and set an "overweight" rating for the company in a report on Monday, October 12th. Finally, Wells Fargo & Company started coverage on Cipher Mining in a report on Thursday, September 17th. They set an "overweight" rating and a $25.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.65.

Cipher Mining Trading Up 7.1%

The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -2.88 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The company has a 50-day moving average price of $15.07 and a 200-day moving average price of $17.97.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to analysts' expectations of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same quarter in the prior year, the firm posted ($0.12) EPS. As a group, research analysts forecast that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC increased its holdings in shares of Cipher Mining by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company's stock valued at $56,292,000 after purchasing an additional 81,192 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock worth $97,652,000 after buying an additional 3,388,359 shares in the last quarter. Jennison Associates LLC boosted its holdings in Cipher Mining by 48.7% during the first quarter. Jennison Associates LLC now owns 2,519,281 shares of the company's stock worth $32,423,000 after buying an additional 824,618 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Cipher Mining during the first quarter worth about $24,486,000. Finally, Moore Capital Management LP acquired a new position in Cipher Mining during the second quarter worth about $35,077,000. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc NASDAQ: CIFR is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.

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