Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) were up 8.8% on Thursday . The stock traded as high as $27.94 and last traded at $28.6620. 7,317,606 shares were traded during mid-day trading, a decline of 73% from the average session volume of 27,168,939 shares. The stock had previously closed at $26.35.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on CIFR shares. Keefe, Bruyette & Woods raised their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Zacks Research raised shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Needham & Company LLC raised their target price on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Jefferies Financial Group initiated coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $27.69.
Get Our Latest Analysis on Cipher Mining
Cipher Mining Stock Down 0.2%
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its 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). The company had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. As a group, research analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, Director Cary M. Grossman sold 30,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $14.54, for a total value of $436,200.00. Following the completion of the sale, the director directly owned 170,530 shares of the company’s stock, valued at $2,479,506.20. The trade was a 14.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.62, for a total value of $47,916,000.00. Following the transaction, the insider directly owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. This represents a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,185,336 shares of company stock valued at $82,018,938. 2.63% of the stock is owned by company insiders.
Hedge Funds Weigh In On Cipher Mining
Several large investors have recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new position in Cipher Mining in the first quarter worth $9,316,000. Goldman Sachs Group Inc. raised its holdings in shares of Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after purchasing an additional 1,610,073 shares during the period. Franklin Resources Inc. bought a new position in shares of Cipher Mining in the 2nd quarter worth about $98,000. Prudential Financial Inc. lifted its position in shares of Cipher Mining by 113.7% in the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock worth $151,000 after buying an additional 16,810 shares during the last quarter. Finally, XTX Topco Ltd boosted its holdings in shares of Cipher Mining by 65.2% in the 2nd 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 during the period. 12.26% of the stock is currently owned by institutional investors.
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.
Featured Articles
- Five stocks we like better than Cipher Mining
- Aehr Spikes on New Order, But Has Stock Gotten Ahead of Itself?
- Rackspace’s AI Land Grab: Plugging Into the Next Compute Boom
- Satellogic Is Tiny But Its Revenue Growth Is Hard to Ignore
- Why Kroger’s Pullback Could Be a Gift for Patient Investors
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.
