Cipher Mining (NASDAQ:CIFR) Shares Up 9.4% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR) shot up 9.4% during mid-day trading on Friday . The company traded as high as $24.68 and last traded at $24.7570. 4,561,252 shares traded hands during trading, a decline of 83% from the average session volume of 27,272,547 shares. The stock had previously closed at $22.63.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Rosenblatt Securities raised their target price on shares of Cipher Mining from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research note on Friday, March 27th. Cantor Fitzgerald lowered their target price on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, BTIG Research restated a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus target price of $27.69.

Cipher Mining Stock Up 8.3%

The company’s 50 day moving average price is $20.09 and its 200 day moving average price is $17.59. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of -10.52 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The company’s quarterly revenue was down 28.8% compared to the same quarter last year. As a group, research analysts forecast that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 1,200,000 shares of Cipher Mining stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total transaction of $30,588,000.00. Following the completion of the sale, the insider directly owned 58,316,694 shares in the company, valued at approximately $1,486,492,530.06. The trade was a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Tyler Page sold 37,500 shares of Cipher Mining stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total transaction of $604,125.00. Following the sale, the chief executive officer owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. The trade was a 0.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,213,804 shares of company stock valued at $82,381,735. Company insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in CIFR. Millennium Management LLC purchased a new position in shares of Cipher Mining during the first quarter worth $9,316,000. Goldman Sachs Group Inc. increased its holdings in 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 buying an additional 1,610,073 shares in the last quarter. Franklin Resources Inc. purchased a new position in Cipher Mining in the second quarter valued at $98,000. Prudential Financial Inc. increased its holdings in Cipher Mining by 113.7% in the second quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock valued at $151,000 after buying an additional 16,810 shares in the last quarter. Finally, XTX Topco Ltd increased its holdings in Cipher Mining by 65.2% in the second quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock valued at $142,000 after buying an additional 11,725 shares in 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.