Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $17.56, but opened at $18.78. Cipher Mining shares last traded at $19.9960, with a volume of 5,464,502 shares traded.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Morgan Stanley restated an “overweight” rating on shares of Cipher Mining in a report on Monday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 price target on shares of Cipher Mining in a report on Thursday, June 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Keefe, Bruyette & Woods lifted their target price on Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. One equities research 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. Based on data from MarketBeat, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus target price of $28.31.
Get Our Latest Research Report on CIFR
Cipher Mining Stock Performance
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). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, sell-side analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current year.
Insider Activity
In other news, Director Cary M. Grossman sold 20,000 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the sale, the director owned 150,530 shares in the company, valued at $3,284,564.60. This represents a 11.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider directly owned 59,516,694 shares of the company’s stock, valued at approximately $1,584,334,394.28. This trade represents a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of CIFR. HighTower Advisors LLC grew its stake in Cipher Mining by 16.6% during the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock valued at $9,915,000 after acquiring an additional 95,686 shares in the last quarter. Foundations Investment Advisors LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at about $667,000. Purpose Unlimited Inc. purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $1,558,000. Tyche Wealth Partners LLC lifted its position in shares of Cipher Mining by 119.0% in the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock worth $1,697,000 after purchasing an additional 62,500 shares in the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in shares of Cipher Mining during the first quarter worth approximately $2,188,000. 12.26% of the stock is 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.
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