Canaccord Genuity Group Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price objective boosted by Canaccord Genuity Group from $8.00 to $9.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Jones Trading initiated coverage on shares of Cipher Mining in a research note on Monday, July 21st. They set a “hold” rating on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Cantor Fitzgerald lifted their target price on Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Thursday, June 5th. Macquarie upped their price target on Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.67.

Cipher Mining Trading Down 4.8%

Shares of Cipher Mining stock opened at $5.76 on Tuesday. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.77. The business’s fifty day moving average is $5.23 and its two-hundred day moving average is $4.14. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The firm has a market cap of $2.27 billion, a PE ratio of -13.40 and a beta of 2.73.

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

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,871 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $5.20, for a total transaction of $233,329.20. Following the completion of the sale, the chief operating officer owned 1,089,260 shares in the company, valued at $5,664,152. This trade represents a 3.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Ltd V3 sold 369,984 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total transaction of $2,075,610.24. Following the sale, the insider directly owned 90,942,259 shares of the company’s stock, valued at $510,186,072.99. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,466,662 shares of company stock valued at $33,020,046. 2.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $29,000. Steward Partners Investment Advisory LLC grew its stake in Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after buying an additional 6,516 shares during the last quarter. Signal Advisors Wealth LLC bought a new position in Cipher Mining during the 2nd quarter worth $48,000. Custos Family Office LLC acquired a new stake in Cipher Mining in the second quarter worth $48,000. Finally, Maripau Wealth Management LLC bought a new stake in Cipher Mining in the second quarter valued at $48,000. Institutional investors own 12.26% of the company’s stock.

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.