Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) traded up 8% on Thursday . The company traded as high as $17.34 and last traded at $17.2980. 11,006,312 shares were traded during trading, a decline of 61% from the average daily volume of 28,297,031 shares. The stock had previously closed at $16.02.
Wall Street Analysts Forecast Growth
CIFR has been the subject of a number of research reports. Chardan Capital reissued a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. Keefe, Bruyette & Woods lowered their target price on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a report on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Finally, Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target for the company. One 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.61.
Read Our Latest Stock Report on CIFR
Cipher Mining Stock Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same period in the previous year, the company posted ($0.12) earnings per share. Equities analysts forecast that Cipher Mining Inc. will post -1.37 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the sale, the director directly owned 143,829 shares in the company, valued at approximately $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holding Ltd V3 sold 1,200,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total value of $30,588,000.00. Following the sale, the insider directly owned 58,316,694 shares of the company’s stock, valued at approximately $1,486,492,530.06. This represents a 2.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 3,131,258 shares of company stock valued at $81,429,288. Insiders own 3.09% of the company’s stock.
Institutional Investors Weigh In On Cipher Mining
Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in Cipher Mining by 237.7% during the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock valued at $18,207,000 after buying an additional 995,735 shares during the period. HighTower Advisors LLC boosted its holdings in shares of 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 buying an additional 95,686 shares in the last quarter. Foundations Investment Advisors LLC purchased a new stake in shares of Cipher Mining in the 4th quarter worth about $667,000. Purpose Unlimited Inc. purchased a new stake in shares of Cipher Mining in the 4th quarter worth about $1,558,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in shares of Cipher Mining during the first quarter valued at approximately $2,188,000. Institutional investors own 12.26% of the company’s stock.
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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