Cipher Mining (NASDAQ:CIFR) Hits New 1-Year High – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $30.01 and last traded at $29.1310, with a volume of 39354807 shares changing hands. The stock had previously closed at $26.35.

Wall Street Analyst Weigh In

CIFR has been the topic of several analyst reports. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Morgan Stanley cut their target price on Cipher Mining from $53.50 to $48.50 and set an “overweight” rating for the company in a research note on Thursday, June 4th. HC Wainwright lifted their price target on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Needham & Company LLC boosted their price target on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.69.

Cipher Mining Stock Up 10.6%

The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. The company has a market capitalization of $11.92 billion, a P/E ratio of -12.50 and a beta of 3.18. The stock has a 50 day moving average price of $21.19 and a 200 day moving average price of $17.82.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data 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 firm had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business’s quarterly revenue was down 28.8% on a year-over-year basis. On average, research analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other news, Director Cary M. Grossman sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the transaction, the director owned 150,530 shares of the company’s stock, valued at $3,284,564.60. This represents a 11.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 48,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total value of $929,280.00. Following the completion of the transaction, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 3,185,336 shares of company stock valued at $82,018,938. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after buying an additional 9,865,533 shares during the last quarter. Situational Awareness LP raised its position in shares of Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after acquiring an additional 4,728,600 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after acquiring an additional 558,105 shares during the last quarter. State Street Corp lifted its stake in shares of Cipher Mining by 10.2% in the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after acquiring an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC boosted its holdings in Cipher Mining by 45.9% in the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock valued at $109,925,000 after acquiring an additional 2,342,958 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.