Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $8.25

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus recommendation of “Buy” from the twelve brokerages that are covering the company, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $8.25.

A number of analysts recently commented on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Tuesday, January 21st. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a report on Tuesday, December 10th. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Macquarie upped their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the 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 transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. American Century Companies Inc. raised its stake in shares of Cipher Mining by 129.4% in the 2nd quarter. American Century Companies Inc. now owns 176,783 shares of the company’s stock valued at $734,000 after acquiring an additional 99,736 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Cipher Mining in the 2nd quarter valued at $2,142,000. 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. XTX Topco Ltd purchased a new position in shares of Cipher Mining in the 2nd quarter valued at $235,000. Finally, Xponance Inc. purchased a new position in shares of Cipher Mining in the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Up 0.2 %

CIFR stock opened at $4.50 on Monday. The company has a market cap of $1.57 billion, a P/E ratio of -34.61 and a beta of 2.38. Cipher Mining has a 52 week low of $2.40 and a 52 week high of $7.99. The company’s 50-day moving average price is $5.76 and its 200 day moving average price is $5.01. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted ($0.07) EPS. On average, research analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal 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.