Cipher Mining (NASDAQ:CIFR) Shares Up 8% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price rose 8% on Wednesday . The company traded as high as $15.93 and last traded at $15.89. Approximately 6,125,223 shares changed hands during 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 brokerages recently weighed in on CIFR. Citizens Jmp set a $30.00 target price on shares of Cipher Mining in a report on Wednesday, November 19th. Keefe, Bruyette & Woods increased their price objective on shares of Cipher Mining from $13.00 to $22.00 and gave the company a “moderate buy” rating in a research report on Tuesday, January 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research report on Monday, December 29th. Zacks Research downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Finally, Wall Street Zen cut Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday. Fourteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus target price of $24.46.

Cipher Mining Stock Up 7.6%

The stock has a market cap of $6.41 billion, a PE ratio of -7.33 and a beta of 2.96. The business has a 50 day moving average of $16.43 and a 200-day moving average of $15.47. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director James E. Newsome sold 21,821 shares of Cipher Mining stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $16.03, for a total value of $349,790.63. Following the sale, the director owned 172,492 shares of the company’s stock, valued at approximately $2,765,046.76. The trade was a 11.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.08, for a total value of $801,861.36. Following the transaction, the director directly owned 158,145 shares in the company, valued at $2,542,971.60. This represents a 23.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 142,825 shares of company stock worth $2,319,720 in the last quarter. Company insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of CIFR. Vanguard Group Inc. raised its position in Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after acquiring an additional 9,865,533 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining during the 3rd quarter valued at $70,524,000. Value Aligned Research Advisors LLC acquired a new stake in Cipher Mining during the third quarter worth about $64,266,000. Situational Awareness LP raised its holdings in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after purchasing an additional 4,728,600 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock valued at $63,359,000 after purchasing an additional 4,180,362 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.