Cipher Mining (NASDAQ:CIFR) Trading 8.1% Higher – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares rose 8.1% during mid-day trading on Friday . The company traded as high as $15.06 and last traded at $14.8160. Approximately 9,424,429 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 29,830,008 shares. The stock had previously closed at $13.71.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Citigroup began coverage on shares of Cipher Mining in a report on Wednesday, November 19th. They set an “outperform” rating on the stock. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Needham & Company LLC reduced their price target on shares of Cipher Mining to $22.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Morgan Stanley began coverage on Cipher Mining in a research note on Monday, February 9th. They set an “overweight” rating and a $38.00 price target on the stock. Finally, Citizens Jmp set a $30.00 price objective on Cipher Mining in a research note on Wednesday, November 19th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.32.

Cipher Mining Stock Performance

The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The stock has a fifty day moving average price of $16.27 and a two-hundred day moving average price of $15.86. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of -6.52 and a beta of 2.96.

Insider Buying and Selling

In related news, Director Wesley Hastie Williams sold 49,867 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.08, for a total value of $801,861.36. Following the completion of the transaction, the director owned 158,145 shares of the company’s stock, valued at approximately $2,542,971.60. The trade was a 23.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James E. Newsome sold 45,161 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the transaction, the director owned 127,331 shares in the company, valued at approximately $2,004,189.94. This trade represents a 26.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 187,986 shares of company stock worth $3,030,554. 2.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted 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 purchasing an additional 9,865,533 shares during the period. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining in the third quarter valued at $70,524,000. Value Aligned Research Advisors LLC acquired a new position in Cipher Mining in the third quarter valued at $64,266,000. Situational Awareness LP increased its stake 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 lifted its position in Cipher Mining by 3,718.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock worth $63,359,000 after buying an additional 4,180,362 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.