Cipher Mining (NASDAQ:CIFR) Stock Price Up 7.4% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) rose 7.4% during mid-day trading on Thursday . The stock traded as high as $20.59 and last traded at $20.93. Approximately 6,178,566 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 27,705,598 shares. The stock had previously closed at $19.48.

Analyst Upgrades and Downgrades

CIFR has been the subject of several analyst reports. Rosenblatt Securities raised their price objective 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. Morgan Stanley raised their price target on Cipher Mining to $42.50 and gave the stock an “overweight” rating in a research note on Tuesday. HC Wainwright lifted their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Cipher Mining Stock Up 9.0%

The company’s 50 day moving average price is $16.87 and its two-hundred day moving average price is $16.91. 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 stock has a market cap of $8.69 billion, a P/E ratio of -9.09 and a beta of 3.13.

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 the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. The firm’s revenue was down 28.8% compared to the same quarter last year. As a group, research analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Insider Activity

In other news, Director Wesley Hastie Williams sold 28,169 shares of Cipher Mining stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total transaction of $627,041.94. Following the completion of the sale, the director owned 129,976 shares of the company’s stock, valued at approximately $2,893,265.76. The trade was a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James E. Newsome sold 45,161 shares of Cipher Mining stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the sale, the director directly owned 127,331 shares of the company’s stock, valued at $2,004,189.94. This represents a 26.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 244,398 shares of company stock valued at $4,276,690. Insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Sherman Asset Management Inc. bought a new position in Cipher Mining in the third quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new position in Cipher Mining in the fourth quarter worth approximately $25,000. Arax Advisory Partners raised its stake in 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 buying an additional 1,338 shares in the last quarter. GAMMA Investing LLC raised its stake in 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 buying an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Cipher Mining in the fourth quarter worth approximately $28,000. 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.