Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $6.25

Cipher Mining Inc. (NASDAQ:CIFR) has received an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $6.25.

CIFR has been the subject of a number of research reports. HC Wainwright increased their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Cantor Fitzgerald initiated coverage on Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Friday, June 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th.

Cipher Mining Stock Up 0.2 %

CIFR stock opened at $5.01 on Friday. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $5.75. The stock has a market cap of $1.55 billion, a P/E ratio of 83.51 and a beta of 2.28. The stock’s fifty day simple moving average is $4.08 and its two-hundred day simple moving average is $3.73. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The company had revenue of $48.14 million during the quarter, compared to analyst estimates of $50.05 million.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $4.08, for a total value of $1,202,828.88. Following the completion of the transaction, the insider now directly owns 118,519,768 shares of the company’s stock, valued at $483,560,653.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 2,897,358 shares of company stock valued at $12,352,745 in the last 90 days. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. increased its position in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares during the period. Van ECK Associates Corp grew its stake in Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after acquiring an additional 765,238 shares in the last quarter. First Financial Bankshares Inc bought a new stake in Cipher Mining during the 4th quarter worth approximately $9,901,000. Vident Advisory LLC lifted its stake in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in Cipher Mining by 107.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after purchasing an additional 358,897 shares during the period. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.