Cipher Mining (NASDAQ:CIFR) Trading Up 8% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was up 8% on Wednesday . The stock traded as high as $15.93 and last traded at $15.89. Approximately 6,125,223 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 30,620,289 shares. The stock had previously closed at $14.71.

Analysts Set New Price Targets

Several equities analysts have recently commented on CIFR shares. Canaccord Genuity Group restated a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a report on Monday, December 15th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $12.00 to $18.00 in a research note on Monday, November 24th. Keefe, Bruyette & Woods lifted their price target on Cipher Mining from $13.00 to $22.00 and gave the company a “moderate buy” rating in a report on Tuesday, January 27th. Zacks Research downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 24th. Finally, Wells Fargo & Company set a $18.00 price objective on shares of Cipher Mining in a research report on Monday, November 24th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.46.

Cipher Mining Trading Down 5.5%

The stock has a market capitalization of $6.14 billion, a price-to-earnings ratio of -7.01 and a beta of 2.96. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. The company has a fifty day moving average of $16.40 and a two-hundred day moving average of $15.47.

Insider Buying and Selling

In other Cipher Mining news, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.08, for a total transaction of $801,861.36. Following the completion of the sale, the director directly owned 158,145 shares in the company, valued at $2,542,971.60. This represents a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Newsome sold 21,821 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.03, for a total value of $349,790.63. Following the completion of the sale, the director directly owned 172,492 shares in the company, valued at approximately $2,765,046.76. This represents a 11.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 142,825 shares of company stock valued at $2,319,720. Company insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC bought a new position in Cipher Mining during the fourth quarter worth about $25,000. Arax Advisory Partners lifted its position in shares of Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares during the period. GAMMA Investing LLC boosted 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 valued at $28,000 after buying an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Cipher Mining in the 4th quarter valued at $28,000. Finally, Sherman Asset Management Inc. bought a new stake in Cipher Mining in the third quarter valued at $25,000. 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.