Cipher Mining (NASDAQ:CIFR) Trading 6.9% Higher – Still a Buy?
by Renee Jackson · The Cerbat GemCipher Mining Inc. (NASDAQ:CIFR – Get Free Report)’s stock price was up 6.9% on Friday . The company traded as high as $17.36 and last traded at $17.0390. Approximately 9,589,279 shares changed 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.
Analysts Set New Price Targets
A number of research analysts recently commented on CIFR shares. Morgan Stanley set a $43.50 price objective on shares of Cipher Mining in a research note on Thursday, August 6th. Keefe, Bruyette & Woods decreased their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. UBS Group set a $30.00 price target on Cipher Mining in a research report on Monday, August 10th. Needham & Company LLC boosted their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Chardan Capital restated a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.
Get Our Latest Stock Report on CIFR
Cipher Mining Price Performance
The company has a fifty day simple moving average of $18.87 and a 200-day simple moving average of $19.17. The company has a market cap of $7.24 billion, a P/E ratio of -6.10 and a beta of 3.15. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million during the quarter, compared to analyst estimates 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 previous year, the firm earned ($0.12) earnings per share. On average, sell-side analysts predict that Cipher Mining Inc. will post -1.36 earnings per share for the current year.
Insider Activity
In other news, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction 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 transaction, the director owned 128,530 shares in the company, valued at approximately $3,418,898. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Tyler Page sold 112,500 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 131,258 shares of company stock worth $2,925,288 over the last 90 days. 3.09% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cipher Mining
A number of institutional investors have recently bought and sold shares of the business. Los Angeles Capital Management LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $25,000. Arax Advisory Partners grew its position in Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Cipher Mining during the fourth quarter valued at approximately $28,000. CoreCap Advisors LLC increased its stake in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after buying an additional 2,423 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.
Cipher Mining Company Profile
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.