Cipher Mining Inc. (NASDAQ:CIFR) Receives $24.82 Average PT from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and fourteen have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $24.8214.

CIFR has been the topic of several research reports. Rosenblatt Securities reiterated a “buy” rating and set a $24.00 price objective on shares of Cipher Mining in a research note on Thursday, March 26th. HC Wainwright decreased their target price on Cipher Mining to $25.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Wall Street Zen lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th.

Insider Buying and Selling

In other news, CEO Tyler Page sold 37,500 shares of the business’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total transaction of $604,125.00. Following the completion of the transaction, the chief executive officer owned 8,263,862 shares of the company’s stock, valued at approximately $133,130,816.82. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $14.98, for a total transaction of $532,808.64. Following the transaction, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at $21,593,789.84. This represents a 2.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 148,229 shares of company stock valued at $2,283,968 in the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Several hedge funds have recently bought and sold shares of CIFR. Vanguard Group Inc. grew its position in Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares during the last quarter. Situational Awareness LP raised its holdings in shares of Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after buying an additional 4,728,600 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock valued at $120,519,000 after buying an additional 558,105 shares during the last quarter. State Street Corp boosted its position in shares of Cipher Mining by 10.2% during the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after buying an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC boosted its position in shares of Cipher Mining by 45.9% during the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after buying an additional 2,342,958 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Trading Down 2.6%

Cipher Mining stock opened at $18.20 on Wednesday. Cipher Mining has a 1 year low of $2.77 and a 1 year high of $25.52. The firm’s 50-day moving average is $15.50 and its 200-day moving average is $16.83. The company has a debt-to-equity ratio of 3.37, a quick ratio of 3.79 and a current ratio of 3.79. The company has a market cap of $7.39 billion, a P/E ratio of -8.43 and a beta of 3.01.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.