Cipher Mining (NASDAQ:CIFR) Now Covered by Analysts at Macquarie

Macquarie initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Tuesday morning, Benzinga reports. The firm issued an outperform rating and a $6.00 target price on the stock.

A number of other brokerages have also recently weighed in on CIFR. Canaccord Genuity Group reissued a buy rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Compass Point boosted their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a buy rating in a report on Thursday, August 15th. HC Wainwright increased their price objective on Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research note on Thursday, June 6th. Cantor Fitzgerald reissued an overweight rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Tuesday, September 3rd. Finally, Stifel Canada upgraded shares of Cipher Mining to a strong-buy rating in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of Buy and an average price target of $7.42.

Cipher Mining Trading Up 15.1 %

Shares of Cipher Mining stock opened at $3.44 on Tuesday. The company has a 50-day moving average of $4.07 and a two-hundred day moving average of $4.20. The stock has a market cap of $1.07 billion, a PE ratio of 57.33 and a beta of 2.24. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99.

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

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $2.87, for a total transaction of $5,456,191.44. Following the transaction, the insider now owns 102,044,892 shares of the company’s stock, valued at $292,868,840.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 6,803,255 shares of company stock valued at $22,224,612. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its position in Cipher Mining by 21.7% during the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock worth $99,000 after purchasing an additional 4,256 shares in the last quarter. Amalgamated Bank raised its stake in shares of 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 period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after acquiring an additional 5,000 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Cipher Mining during the 1st quarter worth $52,000. Finally, Gabelli Funds LLC increased its holdings in Cipher Mining by 25.0% in the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after purchasing an additional 10,000 shares in the last quarter. 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.