Cipher Mining (NASDAQ:CIFR) Shares Up 4.1%

Shares of Cipher Mining Inc. (NASDAQ:CIFR) were up 4.1% on Monday . The stock traded as high as $3.03 and last traded at $3.02. Approximately 2,839,266 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 8,827,419 shares. The stock had previously closed at $2.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Tuesday, September 3rd. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. HC Wainwright increased their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.70.

Cipher Mining Stock Up 3.1 %

The firm has a market cap of $926.99 million, a price-to-earnings ratio of 48.33 and a beta of 2.24. The firm has a 50-day moving average of $4.19 and a two-hundred day moving average of $4.20. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 490,275 shares of Cipher Mining stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $4.12, for a total transaction of $2,019,933.00. Following the sale, the insider now directly owns 110,520,831 shares of the company’s stock, valued at $455,345,823.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 7,270,170 shares of company stock valued at $24,232,346. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Senator Investment Group LP bought a new stake in shares of Cipher Mining in the 2nd quarter valued at approximately $1,190,000. Algert Global LLC acquired a new stake in Cipher Mining in the 2nd quarter valued at $75,000. Scientech Research LLC grew its position in Cipher Mining by 122.9% in the second quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after acquiring an additional 112,202 shares during the period. The Manufacturers Life Insurance Company raised its stake in Cipher Mining by 246.2% during the second quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock worth $279,000 after acquiring an additional 47,738 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.