BTIG Research Initiates Coverage on Cipher Mining (NASDAQ:CIFR)

Investment analysts at BTIG Research began coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Friday, MarketBeat.com reports. The brokerage set a “buy” rating and a $6.00 price target on the stock. BTIG Research’s target price points to a potential upside of 109.06% from the company’s current price.

A number of other research analysts also recently weighed in on the company. Compass Point raised their price target on Cipher Mining from $4.00 to $5.50 in a research note on Thursday, July 20th. Canaccord Genuity Group lifted their target price on Cipher Mining from $4.00 to $4.50 and gave the stock a “buy” rating in a research note on Wednesday, August 16th. HC Wainwright lifted their target price on Cipher Mining from $3.00 to $4.50 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a research note on Wednesday, August 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $6.00 target price on shares of Cipher Mining in a research note on Tuesday, September 5th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $5.25.

Cipher Mining Stock Up 1.8 %

CIFR stock opened at $2.87 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average price of $3.54 and a two-hundred day moving average price of $2.78. The company has a market cap of $720.24 million, a price-to-earnings ratio of -57.40 and a beta of 2.41. Cipher Mining has a twelve month low of $0.38 and a twelve month high of $5.30.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The business had revenue of $31.22 million during the quarter, compared to analysts’ expectations of $32.20 million. Analysts anticipate that Cipher Mining will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider William Iwaschuk sold 100,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $3.58, for a total transaction of $358,000.00. Following the completion of the sale, the insider now directly owns 173,989 shares of the company’s stock, valued at approximately $622,880.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cipher Mining news, Director Cary M. Grossman sold 85,000 shares of Cipher Mining stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $3.63, for a total value of $308,550.00. Following the completion of the transaction, the director now directly owns 226,659 shares of the company’s stock, valued at approximately $822,772.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Iwaschuk sold 100,000 shares of Cipher Mining stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $3.58, for a total value of $358,000.00. Following the completion of the transaction, the insider now directly owns 173,989 shares of the company’s stock, valued at $622,880.62. The disclosure for this sale can be found here. 1.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Cipher Mining by 32.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,020,272 shares of the company’s stock valued at $3,806,000 after acquiring an additional 736,781 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Cipher Mining by 18.5% during the 2nd quarter. BlackRock Inc. now owns 2,433,554 shares of the company’s stock worth $6,960,000 after buying an additional 379,931 shares in the last quarter. State Street Corp raised its holdings in shares of Cipher Mining by 208.0% during the 2nd quarter. State Street Corp now owns 2,197,387 shares of the company’s stock worth $6,285,000 after buying an additional 1,483,836 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cipher Mining by 31.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,407,205 shares of the company’s stock worth $4,025,000 after buying an additional 339,798 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Cipher Mining by 6.4% during the 2nd quarter. Van ECK Associates Corp now owns 1,147,452 shares of the company’s stock worth $3,281,000 after buying an additional 68,800 shares in the last quarter. 6.70% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Company Profile

Cipher Mining Inc, a technology company, develops and operates 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 is a subsidiary of Bitfury Holding B.V.