Cipher Mining (NASDAQ:CIFR) Reaches New 12-Month High Following Better-Than-Expected Earnings

Cipher Mining Inc. (NASDAQ:CIFR) shares reached a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $23.43 and last traded at $23.9020, with a volume of 23486792 shares traded. The stock had previously closed at $18.65.

The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The company had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $51.89 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CIFR. BTIG Research boosted their price objective on Cipher Mining from $9.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Compass Point initiated coverage on Cipher Mining in a report on Monday, September 15th. They issued a “buy” rating for the company. Canaccord Genuity Group upped their price target on Cipher Mining from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, September 29th. Macquarie upped their price target on Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cipher Mining in a report on Tuesday, October 14th. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.86.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was 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. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 20,649,355 shares of company stock worth $276,031,364 over the last ninety days. 2.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Millennium Management LLC acquired a new position in shares of Cipher Mining during the first quarter valued at approximately $9,316,000. Alyeska Investment Group L.P. acquired a new stake in shares of Cipher Mining in the first quarter valued at approximately $7,094,000. Helix Partners Management LP increased its holdings in shares of Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock valued at $10,120,000 after purchasing an additional 2,153,058 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock valued at $10,645,000 after purchasing an additional 2,023,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after purchasing an additional 1,610,073 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of -52.93 and a beta of 2.91. The firm has a fifty day moving average of $14.05 and a 200 day moving average of $7.84.

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.