Cipher Mining (NASDAQ:CIFR) Stock Price Up 9.3% – Here’s What Happened

Shares of Cipher Mining Inc. (NASDAQ:CIFR) rose 9.3% during trading on Wednesday . The stock traded as high as $24.72 and last traded at $25.1540. Approximately 15,498,122 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 27,684,982 shares. The stock had previously closed at $23.02.

Analysts Set New Price Targets

CIFR has been the topic of several research reports. Cantor Fitzgerald lowered their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Rosenblatt Securities upped their price objective on shares of Cipher Mining from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Jefferies Financial Group began coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective on the stock. Needham & Company LLC upped their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Zacks Research raised shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 25th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Cipher Mining Stock Performance

The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The company has a market cap of $9.58 billion, a PE ratio of -10.04 and a beta of 3.13. The stock’s 50 day simple moving average is $17.91 and its two-hundred day simple moving average is $16.96.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly 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 company 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 firm’s quarterly revenue was down 28.8% compared to the same quarter last year. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, Director Wesley Hastie Williams sold 28,169 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total value of $627,041.94. Following the completion of the sale, the director owned 129,976 shares of the company’s stock, valued at $2,893,265.76. This represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Newsome sold 45,161 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the sale, the director directly owned 127,331 shares of the company’s stock, valued at $2,004,189.94. The trade was a 26.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 258,965 shares of company stock valued at $4,588,569 over the last 90 days. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new stake in shares of Cipher Mining in the fourth quarter worth $25,000. Arax Advisory Partners increased its position in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Cipher Mining in the fourth quarter worth $28,000. Finally, Sherman Asset Management Inc. acquired a new stake in shares of Cipher Mining in the third quarter worth $25,000. Institutional investors and hedge funds 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.