Cipher Mining (NASDAQ:CIFR) Given New $16.00 Price Target at Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR) had its price objective hoisted by Canaccord Genuity Group from $12.00 to $16.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently commented on the stock. Arete Research assumed coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. Arete started coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. Jones Trading started coverage on shares of Cipher Mining in a research report on Monday, July 21st. They issued a “hold” rating on the stock. Cantor Fitzgerald lifted 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. Finally, Compass Point started coverage on shares of Cipher Mining in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $14.50.

Cipher Mining Stock Up 10.3%

NASDAQ CIFR opened at $12.65 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The company’s 50 day simple moving average is $7.87 and its 200 day simple moving average is $5.10. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $15.54. The company 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 released its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Equities research analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining 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 value of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 completion of the transaction, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,316,072 shares of company stock worth $168,006,757. Company insiders own 2.89% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Stoneridge Investment Partners LLC acquired a new position in shares of Cipher Mining during the 1st quarter worth $29,000. FNY Investment Advisers LLC increased its stake in shares of Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock worth $36,000 after purchasing an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC acquired a new position in shares of Cipher Mining during the 1st quarter worth $37,000. Steward Partners Investment Advisory LLC increased its stake in shares of 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 purchasing an additional 6,516 shares during the last quarter. Finally, Signal Advisors Wealth LLC bought a new stake in shares of Cipher Mining during the 2nd quarter worth $48,000. Institutional investors and hedge funds 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.