Cipher Mining (NASDAQ:CIFR) Reaches New 1-Year High on Better-Than-Expected Earnings

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price hit a new 52-week high during mid-day trading on Monday following a better than expected earnings announcement. The stock 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 ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $71.71 million for the quarter, compared to analysts’ expectations of $79.13 million.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Arete assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cipher Mining in a research note on Tuesday, October 14th. Rosenblatt Securities boosted their price target on shares of Cipher Mining from $14.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Arete Research started coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 price objective for the company. Finally, Macquarie lifted their price objective on shares of Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.41.

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company’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 value of $43,316,114.40. Following the transaction, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 20,649,355 shares of company stock valued at $276,031,364 in the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CIFR. Millennium Management LLC bought a new position in Cipher Mining in the first quarter worth approximately $9,316,000. Alyeska Investment Group L.P. bought a new position in Cipher Mining in the first quarter worth approximately $7,094,000. Helix Partners Management LP raised its position in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after acquiring an additional 2,153,058 shares during the period. JPMorgan Chase & Co. raised its position in Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock worth $10,645,000 after acquiring an additional 2,023,994 shares during the period. Finally, Goldman Sachs Group Inc. raised its position 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 worth $10,765,000 after acquiring an additional 1,610,073 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Up 30.9%

The company’s 50-day simple moving average is $13.72 and its two-hundred day simple moving average is $7.70. 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 firm has a market capitalization of $9.60 billion, a P/E ratio of -56.53 and a beta of 2.91.

Cipher Mining Company Profile

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.