Cipher Mining (NASDAQ:CIFR) Hits New 1-Year High – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) hit a new 52-week high on Friday . The company traded as high as $30.01 and last traded at $29.1310, with a volume of 39354807 shares. The stock had previously closed at $26.35.

Analyst Ratings Changes

Several research firms have recently weighed in on CIFR. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Morgan Stanley cut their target price on Cipher Mining from $53.50 to $48.50 and set an “overweight” rating on the stock in a research report on Thursday, June 4th. Cantor Fitzgerald decreased their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Finally, Needham & Company LLC boosted their price target on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus target price of $27.69.

Cipher Mining Trading Up 10.6%

The business has a 50 day moving average of $21.19 and a two-hundred day moving average of $17.82. The firm has a market capitalization of $11.92 billion, a price-to-earnings ratio of -12.50 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The business had revenue of $34.84 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 28.8% on a year-over-year basis. Equities analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $14.54, for a total transaction of $436,200.00. Following the completion of the sale, the director directly owned 170,530 shares of the company’s stock, valued at approximately $2,479,506.20. The trade was a 14.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 48,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the completion of the sale, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at approximately $28,107,932.16. This trade represents a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 3,185,336 shares of company stock worth $82,018,938. 2.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of the company. Abel Hall LLC lifted its holdings in Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after acquiring an additional 739 shares during the period. Rathbones Group PLC raised its holdings in Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after acquiring an additional 750 shares during the period. CWM LLC raised its stake in shares of Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after purchasing an additional 804 shares during the period. Prospera Financial Services Inc lifted its holdings in shares of Cipher Mining by 6.7% in the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after buying an additional 980 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.