Cipher Mining (NASDAQ:CIFR) Trading Up 9.3% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) shares were up 9.3% on Wednesday . The company traded as high as $24.72 and last traded at $25.1540. Approximately 15,498,122 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 27,684,982 shares. The stock had previously closed at $23.02.

Analyst Upgrades and Downgrades

CIFR has been the topic of several research reports. Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Rosenblatt Securities lifted their price target on Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen cut Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Finally, Cantor Fitzgerald decreased their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Cipher Mining Trading Up 9.3%

The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The stock has a market capitalization of $10.29 billion, a PE ratio of -10.80 and a beta of 3.13. The business’s 50-day moving average is $17.52 and its two-hundred day moving average is $16.91.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. The business’s quarterly revenue was down 28.8% on a year-over-year basis. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 37,500 shares of the stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the transaction, the chief executive officer owned 8,263,862 shares in the company, valued at approximately $133,130,816.82. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James E. Newsome sold 45,161 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total value of $710,834.14. Following the completion of the sale, the director directly owned 127,331 shares of the company’s stock, valued at approximately $2,004,189.94. This trade represents a 26.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 258,965 shares of company stock worth $4,588,569 in the last three months. 2.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 43.2% during the 4th 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 in the last quarter. Voloridge Investment Management LLC acquired a new position in Cipher Mining during the third quarter worth $70,524,000. Value Aligned Research Advisors LLC purchased a new stake in Cipher Mining during the third quarter worth $64,266,000. Situational Awareness LP grew its holdings in Cipher Mining by 82.4% in the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Cipher Mining by 3,718.3% in the fourth 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 during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.