Cipher Mining (NASDAQ:CIFR) Trading Up 9.3% on Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR) shares rose 9.3% on Monday after Macquarie raised their price target on the stock from $8.00 to $16.00. Macquarie currently has an outperform rating on the stock. Cipher Mining traded as high as $12.32 and last traded at $12.54. Approximately 30,106,432 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 24,683,363 shares. The stock had previously closed at $11.47.

CIFR has been the topic of several other reports. Rosenblatt Securities increased their price objective on shares of Cipher Mining from $9.00 to $14.00 and gave the company a “buy” rating in a research report on Monday. Compass Point began coverage on Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating for the company. Jones Trading began coverage on Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating on the stock. Arete started coverage on Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. Finally, HC Wainwright upped their price target on shares of Cipher Mining from $7.50 to $17.00 and gave the company a “buy” rating in a research note on Monday. Twelve research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and a consensus price target of $14.50.

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,870 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the transaction, the chief operating officer directly owned 1,044,390 shares of the company’s stock, valued at $11,279,412. This trade represents a 4.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the completion of the transaction, the insider owned 71,437,719 shares of the company’s stock, valued at $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,316,072 shares of company stock worth $168,006,757 over the last quarter. Corporate insiders own 2.89% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of CIFR. Mackenzie Financial Corp raised its holdings in Cipher Mining by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after buying an additional 2,754 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Cipher Mining by 7.9% in the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock worth $183,000 after acquiring an additional 2,812 shares during the period. Wellington Management Group LLP boosted its stake in shares of Cipher Mining by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock valued at $64,000 after purchasing an additional 2,940 shares during the last quarter. DLK Investment Management LLC lifted its holdings in Cipher Mining by 18.4% in the second quarter. DLK Investment Management LLC now owns 19,300 shares of the company’s stock valued at $92,000 after buying an additional 3,000 shares during the period. Finally, SBI Securities Co. Ltd. lifted its stake in shares of Cipher Mining by 13.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company’s stock valued at $69,000 after purchasing an additional 3,455 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of -29.42 and a beta of 2.76. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The company has a 50 day simple moving average of $7.87 and a 200-day simple moving average of $5.10.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. As a group, equities research analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

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.