Cipher Mining (NASDAQ:CIFR) Price Target Raised to $13.00 at Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR) had its target price raised by Canaccord Genuity Group from $9.00 to $13.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on CIFR. Cantor Fitzgerald upped their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Thursday, June 5th. Jones Trading assumed coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a “hold” rating on the stock. Compass Point started coverage on Cipher Mining in a research note on Monday. They set a “buy” rating on the stock. Finally, Macquarie upped their price target on Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and a consensus target price of $8.11.

Cipher Mining Trading Up 6.1%

Shares of CIFR opened at $11.51 on Tuesday. The company has a market capitalization of $4.53 billion, a P/E ratio of -26.77 and a beta of 2.76. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The stock has a 50-day moving average price of $6.70 and a 200 day moving average price of $4.52. Cipher Mining has a one year low of $1.86 and a one year high of $11.64.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. Sell-side analysts forecast that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, Director Cary M. Grossman sold 75,000 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $5.89, for a total transaction of $441,750.00. Following the transaction, the director directly owned 225,530 shares of the company’s stock, valued at approximately $1,328,371.70. The trade was a 24.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 44,870 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the transaction, the chief operating officer owned 1,044,390 shares in the company, valued at $11,279,412. This represents a 4.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,811,532 shares of company stock worth $71,140,642 over the last three months. 2.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Geode Capital Management LLC increased its position in Cipher Mining by 18.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock worth $34,621,000 after purchasing an additional 1,108,850 shares during the last quarter. Tidal Investments LLC increased its holdings in Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock worth $33,386,000 after buying an additional 1,541,138 shares during the last quarter. Vident Advisory LLC increased its holdings in Cipher Mining by 11.9% in the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company’s stock worth $10,934,000 after buying an additional 503,694 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after buying an additional 1,610,073 shares during the last quarter. Finally, Helix Partners Management LP increased its holdings in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after buying an additional 2,153,058 shares during the last quarter. 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.