Cipher Mining (NASDAQ:CIFR) Price Target Raised to $17.00 at HC Wainwright

Cipher Mining (NASDAQ:CIFR) had its price target hoisted by HC Wainwright from $7.50 to $17.00 in a research report released on Monday, MarketBeat.com reports. HC Wainwright currently has a buy rating on the stock.

CIFR has been the subject of several other reports. Rosenblatt Securities raised their target price on shares of Cipher Mining from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Monday. Compass Point started coverage on shares of Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating for the company. Macquarie raised their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Canaccord Genuity Group upped their price objective on shares of Cipher Mining from $12.00 to $16.00 and gave the company a “buy” rating in a report on Monday. Finally, Cantor Fitzgerald upped their price objective 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. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.50.

Cipher Mining Price Performance

NASDAQ:CIFR opened at $12.65 on Monday. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $15.54. 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 has a fifty day simple moving average of $7.87 and a 200 day simple moving average of $5.10. The stock has a market capitalization of $4.98 billion, a PE 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) earnings per share for the quarter, meeting 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 business had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $51.89 million. On average, research analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling 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 dated 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 directly owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company’s stock in a transaction dated 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 $882,970,206.84. This trade represents a 4.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,316,072 shares of company stock worth $168,006,757. Corporate 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. Ameriprise Financial Inc. acquired a new position in shares of Cipher Mining in the fourth quarter valued at about $137,000. Bank of America Corp DE grew its stake in shares of Cipher Mining by 47.3% in the fourth quarter. Bank of America Corp DE now owns 182,898 shares of the company’s stock valued at $849,000 after acquiring an additional 58,742 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Cipher Mining by 71.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after acquiring an additional 153,921 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after acquiring an additional 2,754 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Cipher Mining by 12.8% in the fourth quarter. California State Teachers Retirement System now owns 213,322 shares of the company’s stock valued at $990,000 after acquiring an additional 24,209 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.