Rosenblatt Securities Forecasts Strong Price Appreciation for Cipher Mining (NASDAQ:CIFR) Stock

Cipher Mining (NASDAQ:CIFR) had its target price raised by Rosenblatt Securities from $14.00 to $25.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 33.26% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC raised their price objective on Cipher Mining from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Arete Research started coverage on Cipher Mining in a research note on Wednesday, September 24th. They set a “buy” rating and a $24.00 price objective on the stock. Northland Securities set a $14.50 price objective on Cipher Mining in a research note on Monday, September 29th. JPMorgan Chase & Co. raised their price objective on Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. Finally, Jones Trading started coverage on Cipher Mining in a research note on Monday, July 21st. They set a “hold” rating on the stock. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.68.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $18.76 on Thursday. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $22.00. The stock’s 50 day moving average is $11.03 and its 200-day moving average is $6.44. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of -43.63 and a beta of 2.87.

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 analysts’ consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Sell-side analysts forecast that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 535,843 shares of the firm’s stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $20.32, for a total transaction of $10,888,329.76. Following the completion of the sale, the insider directly owned 61,316,694 shares of the company’s stock, valued at $1,245,955,222.08. This trade represents a 0.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 26,581 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total value of $560,327.48. Following the sale, the chief operating officer directly owned 1,213,919 shares of the company’s stock, valued at approximately $25,589,412.52. This represents a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,585,388 shares of company stock valued at $288,102,231. Insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC increased its position 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 valued at $43,000 after purchasing an additional 6,516 shares during the last quarter. Signal Advisors Wealth LLC purchased a new stake in Cipher Mining in the 2nd quarter worth about $48,000. Custos Family Office LLC purchased a new stake in Cipher Mining in the 2nd quarter worth about $48,000. Maripau Wealth Management LLC purchased a new stake in Cipher Mining in the 2nd quarter worth about $48,000. Finally, Scott Capital Advisors LLC purchased a new stake in Cipher Mining in the 3rd quarter worth about $126,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.