Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $7.67

Cipher Mining Inc. (NASDAQ:CIFR) has been given an average rating of “Moderate Buy” by the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $7.6667.

CIFR has been the topic of several analyst reports. Macquarie increased their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Cantor Fitzgerald increased their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Thursday, June 5th. Canaccord Genuity Group increased their target price on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. Finally, Jones Trading initiated coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating on the stock.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the firm’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the sale, the insider directly owned 93,667,437 shares of the company’s stock, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holding Ltd V3 sold 700,000 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $7.60, for a total value of $5,320,000.00. Following the completion of the sale, the insider directly owned 86,642,259 shares in the company, valued at approximately $658,481,168.40. This represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,966,662 shares of company stock worth $52,134,046 over the last three months. Company insiders own 2.89% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stoneridge Investment Partners LLC acquired a new stake in shares of Cipher Mining in the first quarter valued at about $29,000. FNY Investment Advisers LLC grew its position in shares of Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock valued at $36,000 after purchasing an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in Cipher Mining during the first quarter worth about $37,000. Steward Partners Investment Advisory LLC grew its position in Cipher Mining by 258.1% during the second 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 in the last quarter. Finally, Signal Advisors Wealth LLC acquired a new stake in Cipher Mining during the second quarter worth about $48,000. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $9.97 on Tuesday. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $10.68. The business has a fifty day simple moving average of $6.39 and a 200 day simple moving average of $4.37. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -23.19 and a beta of 2.76.

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

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.