Cipher Mining Inc. (NASDAQ:CIFR) Receives $7.56 Consensus Price Target from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $7.5556.

Several analysts have issued reports on CIFR shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research report on Thursday, May 8th. Rosenblatt Securities restated a “buy” rating and set a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They issued a “hold” rating on the stock. Cantor Fitzgerald boosted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. Finally, HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a research report on Tuesday, May 6th.

Cipher Mining Trading Down 2.1%

NASDAQ:CIFR opened at $5.21 on Friday. The firm has a 50-day simple moving average of $5.16 and a 200-day simple moving average of $4.13. Cipher Mining has a one year low of $1.86 and a one year high of $7.77. The firm has a market cap of $2.05 billion, a P/E ratio of -12.12 and a beta of 2.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. Equities analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 369,984 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total value of $2,075,610.24. Following the transaction, the insider directly owned 90,942,259 shares of the company’s stock, valued at approximately $510,186,072.99. This represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total value of $1,752,218.70. Following the sale, the insider directly owned 93,378,292 shares of the company’s stock, valued at $565,872,449.52. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,314,323 shares of company stock worth $32,144,964 in the last 90 days. Insiders own 2.89% of the company’s stock.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in Cipher Mining by 510.2% in the fourth quarter. JPMorgan Chase & Co. now owns 954,209 shares of the company’s stock valued at $4,428,000 after buying an additional 797,824 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Cipher Mining by 103.7% during the 4th quarter. Alliancebernstein L.P. now owns 202,836 shares of the company’s stock valued at $941,000 after acquiring an additional 103,276 shares during the period. Geode Capital Management LLC increased its stake in shares of Cipher Mining by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock valued at $26,583,000 after purchasing an additional 218,137 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Cipher Mining by 56.3% in the 4th quarter. Wells Fargo & Company MN now owns 114,524 shares of the company’s stock worth $531,000 after purchasing an additional 41,261 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after purchasing an additional 2,149 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

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.