Cipher Mining (NASDAQ:CIFR) Trading Up 4.7%

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was up 4.7% during trading on Wednesday . The company traded as high as $4.50 and last traded at $4.44. Approximately 2,642,444 shares were traded during trading, a decline of 69% from the average daily volume of 8,567,624 shares. The stock had previously closed at $4.24.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CIFR shares. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. HC Wainwright upped their price objective on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Friday, June 7th. Finally, Cantor Fitzgerald started coverage on Cipher Mining in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The business has a 50-day simple moving average of $4.16 and a 200 day simple moving average of $3.80. The firm has a market cap of $1.32 billion, a PE ratio of 74.18 and a beta of 2.28.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The firm had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 394,357 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $5.54, for a total transaction of $2,184,737.78. Following the completion of the sale, the insider now owns 113,271,323 shares in the company, valued at $627,523,129.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 3,291,715 shares of company stock worth $14,537,483. 2.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in Cipher Mining during the first quarter valued at approximately $52,000. Sloy Dahl & Holst LLC bought a new position in Cipher Mining during the fourth quarter valued at approximately $44,000. Price T Rowe Associates Inc. MD bought a new position in Cipher Mining during the first quarter valued at approximately $59,000. Wolverine Asset Management LLC bought a new position in Cipher Mining during the fourth quarter valued at approximately $49,000. Finally, Bellecapital International Ltd. bought a new position in Cipher Mining during the fourth quarter valued at approximately $51,000. 12.26% of the stock is owned by institutional investors.

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.