Cipher Mining Inc. (NASDAQ:CIFR) Receives $7.54 Average Target Price from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned a consensus recommendation of “Buy” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $7.72.

CIFR has been the subject of several research reports. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Macquarie upped their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities assumed coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target for the company. Finally, Compass Point upped their price objective 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.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction on Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the sale, the insider now directly owns 103,946,004 shares of the company’s stock, valued at $284,812,050.96. This represents a 1.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock worth $25,974,602 over the last 90 days. 2.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its holdings in shares of Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after acquiring an additional 2,101 shares in the last quarter. Vima LLC increased its stake in Cipher Mining by 11.3% during the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock worth $95,000 after purchasing an additional 2,504 shares in the last quarter. Verition Fund Management LLC raised its holdings in Cipher Mining by 30.7% during the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after buying an additional 3,086 shares during the period. Amalgamated Bank lifted its stake in 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 buying an additional 4,557 shares in the last quarter. Finally, Strategic Blueprint LLC boosted its holdings in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after buying an additional 5,000 shares during the period. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $6.63 on Wednesday. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a market cap of $2.31 billion, a P/E ratio of -51.00 and a beta of 2.18. The business’s 50 day moving average is $4.53 and its two-hundred day moving average is $4.42. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

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

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.