Cipher Mining (NASDAQ:CIFR) Releases Earnings Results

Cipher Mining (NASDAQ:CIFR) released its quarterly earnings data on Monday. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07, Zacks reports. The business had revenue of $71.71 million during the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.

Cipher Mining Trading Up 22.0%

CIFR stock opened at $22.76 on Tuesday. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $25.11. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of -52.93 and a beta of 2.91. The business’s 50-day moving average is $14.05 and its 200 day moving average is $7.84.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 26,581 shares of Cipher Mining stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $21.08, for a total value of $560,327.48. Following the sale, the chief operating officer directly owned 1,213,919 shares in the company, valued at approximately $25,589,412.52. The trade was a 2.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Holding Ltd V3 sold 535,843 shares of Cipher Mining stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $20.32, for a total value of $10,888,329.76. Following the completion of the sale, the insider owned 61,316,694 shares in the company, valued at approximately $1,245,955,222.08. The trade was a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 20,649,355 shares of company stock worth $276,031,364. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its position in shares of Cipher Mining by 41.4% in the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock valued at $152,000 after purchasing an additional 9,295 shares in the last quarter. Rafferty Asset Management LLC purchased a new stake in shares of Cipher Mining in the second quarter valued at approximately $54,000. XTX Topco Ltd grew its position in shares of Cipher Mining by 65.2% in the second quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock valued at $142,000 after purchasing an additional 11,725 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Cipher Mining by 71.4% in the second quarter. BNP Paribas Financial Markets now owns 31,671 shares of the company’s stock valued at $151,000 after purchasing an additional 13,188 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Cipher Mining by 113.7% in the second quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock valued at $151,000 after purchasing an additional 16,810 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CIFR. JPMorgan Chase & Co. lifted their price target on Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. Rosenblatt Securities lifted their price target on Cipher Mining to $33.00 and gave the company a “buy” rating in a research note on Tuesday. Macquarie lifted their price target on Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Canaccord Genuity Group restated a “buy” rating on shares of Cipher Mining in a research note on Tuesday. Finally, HC Wainwright lifted their price target on Cipher Mining to $30.00 and gave the company a “buy” rating in a research note on Monday. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.59.

About Cipher Mining

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.