Macquarie Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price objective hoisted by Macquarie from $8.00 to $16.00 in a research report report published on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also weighed in on the company. Arete assumed coverage on Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. Canaccord Genuity Group lifted their target price on Cipher Mining from $12.00 to $16.00 and gave the company a “buy” rating in a report on Monday. Northland Securities set a $14.50 price objective on Cipher Mining in a report on Monday. Rosenblatt Securities boosted their price objective on Cipher Mining from $9.00 to $14.00 and gave the stock a “buy” rating in a report on Monday. Finally, Cantor Fitzgerald boosted their price objective on Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Cipher Mining Stock Up 10.3%

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

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

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,870 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer owned 1,044,390 shares of the company’s stock, valued at $11,279,412. This represents a 4.12% decrease in their ownership of the stock. The sale 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 stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the sale, the insider directly owned 71,437,719 shares of the company’s stock, 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 ninety days, insiders sold 17,316,072 shares of company stock valued at $168,006,757. 2.89% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Marex Group plc purchased a new stake in Cipher Mining in the second quarter worth approximately $333,000. Nomura Holdings Inc. purchased a new stake in Cipher Mining in the second quarter worth approximately $397,000. Tower Research Capital LLC TRC boosted its stake in Cipher Mining by 41.4% in the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock worth $152,000 after buying an additional 9,295 shares in the last quarter. Northern Right Capital Management L.P. purchased a new stake in Cipher Mining in the second quarter worth approximately $846,000. Finally, Tidal Investments LLC boosted its stake 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 in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.