Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given a consensus recommendation of “Buy” by the seven analysts that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $7.70.

CIFR has been the topic of a number of recent analyst reports. Needham & Company LLC increased 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. HC Wainwright lifted their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Compass Point raised their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th.

Cipher Mining Stock Up 3.1 %

Cipher Mining stock opened at $2.99 on Tuesday. 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 firm has a 50 day moving average price of $4.13 and a 200 day moving average price of $4.20. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a market capitalization of $926.99 million, a PE ratio of 49.83 and a beta of 2.24.

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

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 466,915 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $4.30, for a total transaction of $2,007,734.50. Following the completion of the sale, the insider now directly owns 111,489,712 shares of the company’s stock, valued at approximately $479,405,761.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 7,270,170 shares of company stock worth $24,232,346. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Senator Investment Group LP acquired a new stake in shares of Cipher Mining in the 2nd quarter worth $1,190,000. Algert Global LLC purchased a new position in Cipher Mining during the second quarter worth about $75,000. Scientech Research LLC lifted its position in Cipher Mining by 122.9% in the second quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after purchasing an additional 112,202 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Cipher Mining by 246.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after purchasing an additional 47,738 shares in the last quarter. Finally, Millennium Management LLC increased its position in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.