Cipher Mining (NASDAQ:CIFR) Trading Up 7.4% – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded up 7.4% during trading on Friday . The company traded as high as $5.69 and last traded at $5.58. 1,487,992 shares were traded during trading, a decline of 79% from the average session volume of 7,018,231 shares. The stock had previously closed at $5.20.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CIFR shares. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Cipher Mining in a report on Tuesday, January 7th. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Trading Up 8.4 %

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.96 billion, a PE ratio of -43.34 and a beta of 2.38. The company has a fifty day simple moving average of $6.01 and a two-hundred day simple moving average of $4.96.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the company posted ($0.07) earnings per share. Analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,356,881 shares of company stock worth $8,608,389 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in shares of Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares during the period. Vima LLC raised its position in Cipher Mining by 11.3% in the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares during the last quarter. Verition Fund Management LLC boosted its stake in Cipher Mining by 30.7% during the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after purchasing an additional 3,086 shares during the period. Amalgamated Bank grew its position in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Finally, Strategic Blueprint LLC increased its stake in Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.