Cipher Mining (NASDAQ:CIFR) Hits New 12-Month High After Analyst Upgrade

Shares of Cipher Mining Inc. (NASDAQ:CIFR) hit a new 52-week high during mid-day trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $9.00 to $13.00. Canaccord Genuity Group currently has a buy rating on the stock. Cipher Mining traded as high as $11.32 and last traded at $10.85, with a volume of 42361433 shares. The stock had previously closed at $10.85.

A number of other brokerages also recently issued reports on CIFR. Compass Point assumed coverage on Cipher Mining in a research report on Monday. They set a “buy” rating on the stock. Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating for the company. Macquarie lifted their price target on Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Finally, Cantor Fitzgerald lifted their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Thursday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.11.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of Cipher Mining stock in a transaction on Monday, July 14th. The shares were sold at an average price of $6.11, for a total value of $4,075,431.10. Following the completion of the sale, the insider owned 93,667,437 shares of the company’s stock, valued at approximately $572,308,040.07. The trade was a 0.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 900,000 shares of Cipher Mining stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $9.98, for a total transaction of $8,982,000.00. Following the completion of the sale, the insider directly owned 83,942,259 shares of the company’s stock, valued at approximately $837,743,744.82. The trade was a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,611,532 shares of company stock valued at $91,453,642 in the last ninety days. Company insiders own 2.89% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Marex Group plc bought a new position in Cipher Mining in the 2nd quarter worth approximately $333,000. Nomura Holdings Inc. bought a new stake in shares of Cipher Mining during the second quarter worth $397,000. Tower Research Capital LLC TRC grew its position in Cipher Mining by 41.4% in the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock valued at $152,000 after purchasing an additional 9,295 shares in the last quarter. Northern Right Capital Management L.P. bought a new position in Cipher Mining in the second quarter valued at $846,000. Finally, Tidal Investments LLC increased its stake in shares of Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock worth $33,386,000 after purchasing an additional 1,541,138 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Up 7.6%

The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of -28.79 and a beta of 2.76. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The firm’s 50 day moving average price is $6.82 and its two-hundred day moving average price is $4.57.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $43.57 million for the quarter, compared to analysts’ expectations of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.