Cipher Mining (NASDAQ:CIFR) Price Target Raised to $9.00

Cipher Mining (NASDAQ:CIFR) had its price objective raised by BTIG Research from $6.00 to $9.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and an average target price of $7.72.

Cipher Mining Stock Up 3.3 %

Shares of NASDAQ CIFR opened at $6.63 on Friday. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company’s 50 day moving average price is $4.61 and its 200-day moving average price is $4.44. The company has a market capitalization of $2.31 billion, a P/E ratio of -51.00 and a beta of 2.18.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. State Street Corp grew its stake in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares in the last quarter. Vanguard Group Inc. grew its position in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Geode Capital Management LLC increased its stake in Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Millennium Management LLC increased its stake in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after buying an additional 1,144,390 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.