Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $17.69, but opened at $19.74. Cipher Mining shares last traded at $22.1390, with a volume of 9,951,559 shares.
Analyst Ratings Changes
A number of analysts have issued reports on the company. Morgan Stanley cut their target price on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, July 20th. Jefferies Financial Group initiated coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 price objective on shares of Cipher Mining in a report on Thursday, June 25th. Sanford C. Bernstein started coverage on Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price on the stock. Finally, BTIG Research raised their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.74.
Read Our Latest Stock Analysis on CIFR
Cipher Mining Stock Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share 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 analysts’ expectations of $36.12 million. The business’s revenue for the quarter was down 28.8% on a year-over-year basis. As a group, sell-side analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the transaction, the director owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. The trade was a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Cipher Mining
Institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC acquired a new stake in Cipher Mining during the fourth quarter worth approximately $25,000. Arax Advisory Partners lifted its position in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC boosted its stake in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Cipher Mining in the fourth quarter valued at $28,000. Finally, Danske Bank A S increased its position in shares of Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after purchasing an additional 2,300 shares in the last quarter. 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.
Featured Stories
- Five stocks we like better than Cipher Mining
- Powering Up: NextEra and Brookfield Build an Off-Grid Empire
- DoorDash’s Drone Certification Could Reshape Its Delivery Margins
- 2 Unique Space ETFs That Could Upend the Industry
- Corning Stock Crashes on Earnings, But the Sell-Off Looks Overdone
Receive News & Ratings for Cipher Mining Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cipher Mining and related companies with MarketBeat.com's FREE daily email newsletter.
