Cipher Mining (NASDAQ:CIFR) Given Overweight Rating at Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports. They presently have a $11.00 price objective on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 117.82% from the company’s current price.

CIFR has been the topic of a number of other research reports. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Northland Securities lifted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Trading Down 6.3 %

Shares of CIFR opened at $5.05 on Tuesday. The stock has a market capitalization of $1.76 billion, a PE ratio of -38.84 and a beta of 2.38. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company’s fifty day moving average is $6.10 and its 200 day moving average is $4.93. 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 (NASDAQ:CIFR) last announced 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). The business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period last year, the company earned ($0.07) EPS. Sell-side analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated 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 owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,446,623 shares of company stock worth $9,000,561. Insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its position in shares of Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after buying an additional 2,101 shares in the last quarter. Vima LLC lifted its holdings in Cipher Mining by 11.3% during the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares in the last quarter. Verition Fund Management LLC lifted its holdings in Cipher Mining by 30.7% during the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 3,086 shares in the last quarter. Amalgamated Bank grew its position in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC increased its stake in shares of Cipher Mining by 33.3% during the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.