Macquarie Boosts Cipher Mining (NASDAQ:CIFR) Price Target to $27.00

Cipher Mining (NASDAQ:CIFR) had its price target lifted by analysts at Macquarie from $16.00 to $27.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s target price suggests a potential upside of 56.52% from the company’s previous close.

A number of other brokerages have also recently weighed in on CIFR. BTIG Research lifted their target price on Cipher Mining from $9.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Rosenblatt Securities lifted their target price on Cipher Mining from $14.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cipher Mining in a report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their price objective on Cipher Mining from $6.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, September 26th. Finally, HC Wainwright upped their target price on Cipher Mining from $7.50 to $17.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.68.

Cipher Mining Price Performance

CIFR stock opened at $17.25 on Wednesday. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $22.00. The stock’s fifty day simple moving average is $12.06 and its 200-day simple moving average is $6.86. 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 stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of -40.12 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, meeting 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 firm had revenue of $43.57 million for the quarter, compared to analysts’ expectations of $51.89 million. Equities research analysts expect that Cipher Mining will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 21,585,388 shares of company stock valued at $281,602,231 in the last 90 days. Insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC lifted its stake in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after acquiring an additional 6,516 shares in the last quarter. Signal Advisors Wealth LLC acquired a new position in shares of Cipher Mining in the second quarter worth about $48,000. Custos Family Office LLC acquired a new position in shares of Cipher Mining in the second quarter worth about $48,000. Maripau Wealth Management LLC acquired a new position in shares of Cipher Mining in the second quarter worth about $48,000. Finally, Scott Capital Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter worth about $126,000. 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.