Cipher Mining (NASDAQ:CIFR) Stock Price Up 7.4% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price shot up 7.4% during trading on Thursday . The company traded as high as $20.59 and last traded at $20.93. 6,178,566 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 27,705,598 shares. The stock had previously closed at $19.48.

Analyst Ratings Changes

CIFR has been the topic of several analyst reports. HC Wainwright lifted their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Jefferies Financial Group initiated coverage on shares of Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target on the stock. Zacks Research raised shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Keefe, Bruyette & Woods lifted their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Finally, Wall Street Zen lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Cipher Mining Stock Up 9.0%

The stock has a market capitalization of $8.69 billion, a PE ratio of -9.09 and a beta of 3.13. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The business’s fifty day moving average price is $16.87 and its two-hundred day moving average price is $16.91.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. Cipher Mining’s revenue was down 28.8% compared to the same quarter last year. On average, equities research analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, Director James E. Newsome sold 45,161 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $15.74, for a total value of $710,834.14. Following the completion of the sale, the director directly owned 127,331 shares in the company, valued at $2,004,189.94. The trade was a 26.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Cary M. Grossman sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the sale, the director owned 150,530 shares of the company’s stock, valued at $3,284,564.60. This trade represents a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 244,398 shares of company stock valued at $4,276,690. 2.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CIFR. Vanguard Group Inc. raised its position in shares of Cipher Mining by 43.2% during the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth about $70,524,000. Value Aligned Research Advisors LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth about $64,266,000. Situational Awareness LP raised its position in shares of Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Cipher Mining by 3,718.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock worth $63,359,000 after purchasing an additional 4,180,362 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.