Cipher Mining (NASDAQ:CIFR) Shares Gap Up Following Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Thursday after Northland Securities raised their price target on the stock from $6.00 to $8.50. The stock had previously closed at $6.85, but opened at $7.22. Northland Securities currently has an outperform rating on the stock. Cipher Mining shares last traded at $7.26, with a volume of 3,304,462 shares changing hands.

Several other research analysts have also commented on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. BTIG Research lifted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Eight research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.03.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents 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 300,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,494,615 shares of company stock worth $15,024,197 in the last ninety days. 2.25% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 valued at $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Cipher Mining in the 1st quarter valued at $59,000. California State Teachers Retirement System grew its stake in Cipher Mining by 19.4% in the first quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock valued at $317,000 after acquiring an additional 10,019 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Cipher Mining by 16.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 122,481 shares of the company’s stock worth $508,000 after buying an additional 17,254 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of Cipher Mining by 13.1% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 149,659 shares of the company’s stock worth $621,000 after acquiring an additional 17,355 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Price Performance

The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -53.00 and a beta of 2.29. The company has a 50 day simple moving average of $5.53 and a 200-day simple moving average of $4.68. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

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