Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $7.42

Cipher Mining Inc. (NASDAQ:CIFR) has been given an average recommendation of “Buy” by the eight research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $7.42.

Several analysts recently commented on CIFR shares. HC Wainwright raised their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Cantor Fitzgerald initiated coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Thursday. Finally, Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 299,953 shares of Cipher Mining stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $3.91, for a total transaction of $1,172,816.23. Following the sale, the insider now owns 116,409,308 shares in the company, valued at $455,160,394.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 4,103,460 shares of company stock valued at $19,635,901. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the business. First Financial Bankshares Inc acquired a new stake in shares of Cipher Mining in the 4th quarter valued at $9,901,000. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Cipher Mining by 38.9% in the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after purchasing an additional 765,238 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cipher Mining by 30.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock valued at $185,000 after purchasing an additional 10,998 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

CIFR stock opened at $3.51 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The stock has a market cap of $1.09 billion, a P/E ratio of 58.50 and a beta of 2.29. The firm has a 50 day simple moving average of $4.62 and a 200 day simple moving average of $4.24. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period last year, the company posted ($0.05) earnings per share. Research analysts anticipate that Cipher Mining will post -0.05 earnings per share for the current fiscal year.

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.