Cipher Mining (NASDAQ:CIFR) Trading 5.9% Higher – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR) rose 5.9% on Wednesday . The stock traded as high as $5.97 and last traded at $5.96. Approximately 2,027,001 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 9,292,997 shares. The stock had previously closed at $5.63.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CIFR. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target 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 stock currently has a consensus rating of “Buy” and a consensus target price of $7.72.

Cipher Mining Stock Up 12.4 %

The business’s 50 day moving average is $5.08 and its 200-day moving average is $4.56. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $2.20 billion, a PE ratio of -46.53 and a beta of 2.18.

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

Insiders Place Their Bets

In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. This represents a 19.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the sale, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. This trade represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,296,839 shares of company stock worth $25,974,602. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank lifted its stake in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining in the third quarter worth approximately $33,000. Xponance Inc. acquired a new stake in shares of Cipher Mining during the second quarter worth approximately $45,000. W Advisors LLC purchased a new position in Cipher Mining during the third quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC acquired a new position in Cipher Mining in the 3rd quarter valued at approximately $47,000. Institutional investors and hedge funds 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.