Cipher Mining (NASDAQ:CIFR) Trading 9.3% Higher

Cipher Mining Inc. (NASDAQ:CIFR) shares rose 9.3% during mid-day trading on Wednesday . The stock traded as high as $4.37 and last traded at $4.34. Approximately 1,401,268 shares changed hands during trading, a decline of 84% from the average daily volume of 8,872,453 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

A number of brokerages have recently commented on CIFR. Canaccord Genuity Group restated a “buy” rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. HC Wainwright raised their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a report on Friday, June 7th. Finally, Cantor Fitzgerald assumed coverage on Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price target for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.40.

Cipher Mining Price Performance

The stock has a market capitalization of $1.28 billion, a PE ratio of 72.33 and a beta of 2.29. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average price is $4.80 and its 200-day moving average price is $4.12.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly 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 business had revenue of $48.14 million for the quarter, compared to the consensus estimate of $50.05 million.

Insider Activity

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $3.99, for a total value of $1,182,464.43. Following the sale, the insider now owns 118,223,411 shares in the company, valued at approximately $471,711,409.89. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 5,302,379 shares of company stock valued at $24,285,016 in the last quarter. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the business. Sloy Dahl & Holst LLC acquired a new position in shares of Cipher Mining during the 4th quarter worth approximately $44,000. Wolverine Asset Management LLC purchased a new position in Cipher Mining during the fourth quarter worth approximately $49,000. Calamos Advisors LLC purchased a new position in Cipher Mining during the fourth quarter worth approximately $52,000. Janney Montgomery Scott LLC acquired a new position in Cipher Mining during the first quarter worth $52,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Cipher Mining in the 1st quarter valued at $59,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.