Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.03 Consensus PT from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus recommendation of “Buy” from the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $8.03.

CIFR has been the topic of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Macquarie lifted their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th.

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the sale, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,623 shares of company stock worth $9,000,561 in the last ninety days. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

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

Cipher Mining Stock Performance

CIFR stock opened at $5.57 on Thursday. The firm has a 50-day simple moving average of $6.10 and a two-hundred day simple moving average of $4.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a one year low of $2.15 and a one year high of $7.99. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -42.84 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the prior year, the company posted ($0.07) EPS. On average, equities analysts forecast that Cipher Mining will post -0.31 EPS for the current fiscal year.

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.