Cipher Mining Inc. (NASDAQ:CIFR) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $24.7308.

Several research analysts have recently commented on CIFR shares. Citizens Jmp began coverage on Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 target price on the stock. Wells Fargo & Company set a $18.00 price target on Cipher Mining in a research note on Monday, November 24th. Wall Street Zen raised shares of Cipher Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Citigroup assumed coverage on Cipher Mining in a research note on Wednesday, November 19th. They set an “outperform” rating for the company. Finally, Rosenblatt Securities lifted their target price on Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th.

Insider Buying and Selling at Cipher Mining

In other news, insider William Iwaschuk sold 173,094 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the completion of the sale, the insider directly owned 1,054,488 shares in the company, valued at approximately $23,747,069.76. This represents a 14.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of Cipher Mining 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 directly 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 14,689,007 shares of company stock worth $223,279,679. Corporate insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock valued at $287,236,000 after purchasing an additional 2,699,717 shares during the last quarter. Geode Capital Management LLC grew its position in Cipher Mining by 18.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock worth $34,621,000 after purchasing an additional 1,108,850 shares in the last quarter. Tidal Investments LLC boosted its position 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 purchasing an additional 1,541,138 shares during the last quarter. Invesco Ltd. grew its stake in Cipher Mining by 40.0% in the 3rd quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock valued at $86,268,000 after purchasing an additional 1,958,385 shares during the period. Finally, Two Sigma Investments LP increased its position in shares of Cipher Mining by 64.9% during the 3rd quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock valued at $84,937,000 after purchasing an additional 2,655,015 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $14.39 on Thursday. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $25.52. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The stock has a market cap of $5.69 billion, a P/E ratio of -79.94 and a beta of 2.91. The company’s 50-day simple moving average is $18.39 and its 200 day simple moving average is $11.10.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. As a group, research analysts forecast that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

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.