Cipher Mining (NASDAQ:CIFR) Given New $14.00 Price Target at Rosenblatt Securities

Cipher Mining (NASDAQ:CIFR) had its price target lifted by Rosenblatt Securities from $9.00 to $14.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Arete started coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price on the stock. Cantor Fitzgerald upped 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. Arete Research assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a report on Friday. Finally, Jones Trading assumed coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating on the stock. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and a consensus target price of $14.50.

Cipher Mining Trading Up 10.3%

Shares of CIFR opened at $12.65 on Monday. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average is $7.87 and its two-hundred day moving average is $5.10. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $15.54. The firm has a market capitalization of $4.98 billion, a P/E ratio of -29.42 and a beta of 2.76.

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

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the company’s stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares of the company’s stock, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares in the company, valued at $882,970,206.84. The trade was a 4.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,316,072 shares of company stock worth $168,006,757 in the last three months. Insiders own 2.89% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of CIFR. Stoneridge Investment Partners LLC purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $29,000. FNY Investment Advisers LLC lifted its stake in shares of Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock valued at $36,000 after buying an additional 4,800 shares during the period. Valeo Financial Advisors LLC acquired a new position in Cipher Mining during the first quarter worth approximately $37,000. Steward Partners Investment Advisory LLC increased 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 purchasing an additional 6,516 shares during the last quarter. Finally, Signal Advisors Wealth LLC acquired a new position in Cipher Mining during the second quarter worth approximately $48,000. Hedge funds and other 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.