Cipher Mining (NASDAQ:CIFR) Shares Up 5.9% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price rose 5.9% on Wednesday . The stock traded as high as $5.97 and last traded at $5.96. Approximately 2,027,001 shares traded hands during trading, a decline of 78% from the average daily volume of 9,292,997 shares. The stock had previously closed at $5.63.

Analyst Ratings Changes

Several equities analysts recently issued reports on CIFR shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Securities started coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $7.72.

Cipher Mining Price Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average price of $5.22 and a two-hundred day moving average price of $4.59.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock valued at $25,974,602 in the last quarter. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. Millennium Management LLC boosted its holdings in shares of Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after acquiring an additional 2,938,184 shares during the period. Vanguard Group Inc. grew its holdings in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Tidal Investments LLC increased its position in Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after buying an additional 1,511,455 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.