Cipher Mining (NASDAQ:CIFR) Coverage Initiated by Analysts at Macquarie

Research analysts at Macquarie initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Tuesday, Benzinga reports. The brokerage set an “outperform” rating and a $6.00 price target on the stock. Macquarie’s price target would suggest a potential upside of 74.42% from the company’s current price.

Other analysts have also recently issued reports about the stock. Compass Point lifted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. HC Wainwright upped their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC lifted their price target on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and an average price target of $7.42.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR traded up $0.45 on Tuesday, hitting $3.44. The company had a trading volume of 22,009,277 shares, compared to its average volume of 8,945,541. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.07 billion, a PE ratio of 57.33 and a beta of 2.24. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The business has a 50 day moving average of $4.13 and a 200 day moving average of $4.20.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, equities analysts anticipate that Cipher Mining will post -0.05 earnings per share for the current fiscal year.

Insider Activity

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 490,275 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $4.12, for a total transaction of $2,019,933.00. Following the completion of the sale, the insider now directly owns 110,520,831 shares in the company, valued at $455,345,823.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 7,270,170 shares of company stock valued at $24,232,346 in the last three months. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Senator Investment Group LP acquired a new position in shares of Cipher Mining during the second quarter worth $1,190,000. Algert Global LLC purchased a new stake in Cipher Mining during the 2nd quarter worth $75,000. Scientech Research LLC lifted its holdings in Cipher Mining by 122.9% in the 2nd quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock worth $845,000 after buying an additional 112,202 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position 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 buying an additional 47,738 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.