Cipher Mining (NASDAQ:CIFR) Trading 6.9% Higher - Still a Buy?

Key Points

• Cipher Mining shares rose 6.9% to about $17.04 in Friday trading, although volume was 66% below the stock’s average session volume.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $28.61, well above the current share price.
• The company’s latest quarter showed significant weakness: it missed EPS and revenue estimates, reported a negative net margin of 585.75%, and insiders sold approximately $2.93 million of stock over the past 90 days.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares shot up 6.9% during trading on Friday . The stock traded as high as $17.36 and last traded at $17.0390. 9,589,279 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 28,498,393 shares. The stock had previously closed at $15.94.

Analyst Ratings Changes

A number of research analysts recently weighed in on CIFR shares. Sanford C. Bernstein began coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 price objective for the company. JPMorgan Chase & Co. cut their price target on Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, August 7th. BTIG Research lifted their price target on Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Chardan Capital reiterated a "buy" rating and set a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. Finally, Jefferies Financial Group initiated coverage on Cipher Mining in a report on Thursday, May 14th. They set a "buy" rating and a $32.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cipher Mining currently has a consensus rating of "Moderate Buy" and an average target price of $28.61.

Cipher Mining Stock Performance

The company's fifty day simple moving average is $18.87 and its 200 day simple moving average is $19.17. The stock has a market capitalization of $7.24 billion, a P/E ratio of -6.10 and a beta of 3.15. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $24.84 million during the quarter, compared to the consensus estimate 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 period in the previous year, the company posted ($0.12) EPS. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the business's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer owned 9,084,225 shares of the company's stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares in the company, valued at approximately $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 131,258 shares of company stock valued at $2,925,288 in the last 90 days. Corporate insiders own 3.09% of the company's stock.

Institutional Trading of Cipher Mining

A number of hedge funds have recently bought and sold shares of the company. CoreCap Advisors LLC grew its stake in shares of Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock worth $42,000 after purchasing an additional 500 shares in the last quarter. Abel Hall LLC lifted its holdings in Cipher Mining by 3.8% in the first quarter. Abel Hall LLC now owns 20,140 shares of the company's stock worth $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC lifted its holdings in Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock worth $148,000 after purchasing an additional 750 shares during the period. Navellier & Associates Inc. lifted its holdings in Cipher Mining by 3.7% in the second quarter. Navellier & Associates Inc. now owns 25,230 shares of the company's stock worth $618,000 after purchasing an additional 901 shares during the period. Finally, Prospera Financial Services Inc grew its position in Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock valued at $230,000 after buying an additional 980 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

About Cipher Mining

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.