Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $7.54

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus recommendation of “Buy” from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $7.72.

CIFR has been the subject of several analyst reports. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research lifted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday. Finally, Northland Securities initiated coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target on the stock.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 1.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,296,839 shares of company stock valued at $25,974,602. 2.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Millennium Management LLC lifted its stake in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 2,164,383 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after purchasing an additional 1,144,390 shares during the last quarter. Finally, Vident Advisory LLC grew its position in shares of Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $6.63 on Wednesday. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $2.31 billion, a PE ratio of -51.00 and a beta of 2.18. The company’s 50 day moving average is $4.61 and its 200 day moving average is $4.44.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the previous year, the company earned ($0.07) EPS. On average, sell-side analysts forecast that Cipher Mining will post -0.18 EPS for the current 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.