Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $15.09, but opened at $15.92. Cipher Mining shares last traded at $16.7260, with a volume of 12,908,284 shares trading hands.
Analyst Upgrades and Downgrades
CIFR has been the subject of a number of recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a report on Thursday, September 10th. Chardan Capital reaffirmed a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a research note on Tuesday, August 4th. Morgan Stanley set a $43.50 target price on shares of Cipher Mining in a research note on Thursday, August 6th. BTIG Research boosted their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.61.
Check Out Our Latest Analysis on Cipher Mining
Cipher Mining Stock Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same period in the previous year, the business posted ($0.12) earnings per share. On average, equities research analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current year.
Insider Activity at Cipher Mining
In related news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the transaction, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This trade represents a 9.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Tyler Page sold 112,500 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is owned by corporate insiders.
Institutional Trading of Cipher Mining
Several institutional investors have recently made changes to their positions in CIFR. CoreCap Advisors LLC grew its stake in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares during the last quarter. Abel Hall LLC increased its position in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC increased its holdings in Cipher Mining by 7.0% in the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after buying an additional 750 shares during the period. Navellier & Associates Inc. increased its stake in Cipher Mining by 3.7% in the second quarter. Navellier & Associates Inc. now owns 25,230 shares of the company’s stock valued at $618,000 after acquiring an additional 901 shares during the period. Finally, Prospera Financial Services Inc raised its holdings in shares of Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after buying an additional 980 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.
Cipher Mining Company Profile
Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.
The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.
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