Cipher Mining (NASDAQ:CIFR) Director Sells $70,048.32 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) Director James Newsome sold 3,342 shares of Cipher Mining stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $20.96, for a total value of $70,048.32. Following the completion of the transaction, the director owned 132,288 shares of the company’s stock, valued at $2,772,756.48. The trade was a 2.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Cipher Mining Stock Up 10.6%

Shares of Cipher Mining stock traded up $2.78 on Thursday, reaching $29.13. 39,324,184 shares of the company were exchanged, compared to its average volume of 27,461,486. Cipher Mining Inc. has a 1-year low of $3.29 and a 1-year high of $30.01. The company has a market cap of $11.92 billion, a P/E ratio of -12.50 and a beta of 3.18. 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 stock’s 50 day moving average price is $20.89 and its 200-day moving average price is $17.75.

Cipher Mining (NASDAQ:CIFR) last released its earnings results 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 firm had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business’s revenue for the quarter was down 28.8% compared to the same quarter last year. As a group, equities analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current year.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of recent analyst reports. BTIG Research reissued a “buy” rating and issued a $25.00 price objective on shares of Cipher Mining in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Rosenblatt Securities boosted their target price on shares of Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Needham & Company LLC increased their target price on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.69.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Abel Hall LLC increased its stake in Cipher Mining by 3.8% in the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares during the last quarter. Rathbones Group PLC lifted its position in shares of Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after buying an additional 750 shares during the last quarter. CWM LLC lifted its position in shares of Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after buying an additional 804 shares during the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after buying an additional 980 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after buying an additional 1,286 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.