Cipher Mining (NASDAQ:CIFR) Trading 8.4% Higher on Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR)’s share price rose 8.4% during trading on Wednesday after Northland Securities raised their price target on the stock from $6.00 to $8.50. Northland Securities currently has an outperform rating on the stock. Cipher Mining traded as high as $6.85 and last traded at $6.71. Approximately 6,594,071 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 9,309,222 shares. The stock had previously closed at $6.19.

Several other equities research analysts also recently weighed in on CIFR. BTIG Research increased their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. Compass Point increased their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.03.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. This trade represents a 1.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,395,727 shares of company stock worth $20,233,244 over the last 90 days. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Cipher Mining in the 2nd quarter valued at about $1,332,000. Paloma Partners Management Co acquired a new position in Cipher Mining in the 3rd quarter valued at about $4,029,000. Bank of New York Mellon Corp boosted its stake in shares of Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares during the last quarter. Finally, Duncan Williams Asset Management LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth about $553,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Trading Up 8.4 %

The business’s fifty day moving average price is $5.42 and its 200 day moving average price is $4.65. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.33 billion, a PE ratio of -51.61 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the firm posted ($0.07) earnings per share. As a group, analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

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.