BTIG Research Forecasts Strong Price Appreciation for Cipher Mining (NASDAQ:CIFR) Stock

Cipher Mining (NASDAQ:CIFR) had its price objective boosted by BTIG Research from $6.00 to $9.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $7.72.

Cipher Mining Stock Down 1.5 %

Shares of NASDAQ:CIFR opened at $6.53 on Friday. 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 fifty day simple moving average of $4.61 and a 200 day simple moving average of $4.44. The firm has a market cap of $2.27 billion, a PE ratio of -50.38 and a beta of 2.18. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter last year, the firm posted ($0.07) EPS. On average, equities research analysts anticipate that Cipher Mining will post -0.18 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the sale, the insider now owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,296,839 shares of company stock worth $25,974,602. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of CIFR. Amalgamated Bank lifted its holdings in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at about $33,000. Xponance Inc. acquired a new stake in Cipher Mining in the 2nd quarter valued at about $45,000. W Advisors LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at about $45,000. Finally, Prospect Financial Services LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at about $47,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.