Cipher Mining (NASDAQ:CIFR) Shares Up 8.4% on Analyst Upgrade

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 8.4% 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. 6,594,071 shares changed hands during trading, a decline of 29% from the average session volume of 9,309,222 shares. The stock had previously closed at $6.19.

Other research analysts have also issued research reports about the company. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie lifted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.03.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The stock was 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 owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This trade represents a 1.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 11.12 % 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 three months. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Amalgamated Bank lifted its holdings 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 buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining during the 3rd quarter worth approximately $33,000. Xponance Inc. bought a new position in Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC bought a new position in Cipher Mining during the 3rd quarter worth approximately $45,000. Finally, Prospect Financial Services LLC bought a new position in Cipher Mining during the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Up 10.7 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The business has a fifty day simple moving average of $5.48 and a 200 day simple moving average of $4.67. The company has a market cap of $2.38 billion, a P/E ratio of -52.69 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) 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 for the quarter, compared to the consensus estimate of $25.84 million. During the same period in the prior year, the business earned ($0.07) EPS. Analysts anticipate that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Cipher Mining Company Profile

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.