Cipher Mining Inc. (NASDAQ:CIFR) Receives $24.46 Consensus Target Price from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has been assigned a consensus rating of “Moderate Buy” from the seventeen research firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and fourteen have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $24.4643.

A number of brokerages recently issued reports on CIFR. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $12.00 to $18.00 in a report on Monday, November 24th. Morgan Stanley began coverage on shares of Cipher Mining in a research report on Monday, February 9th. They set an “overweight” rating and a $38.00 price objective for the company. Citigroup initiated coverage on Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $27.00 price target on shares of Cipher Mining in a research note on Monday, December 15th.

Cipher Mining Price Performance

CIFR stock opened at $15.15 on Tuesday. The business’s 50-day moving average is $16.40 and its two-hundred day moving average is $15.47. The company has a debt-to-equity ratio of 3.37, a current ratio of 3.79 and a quick ratio of 3.79. The firm has a market capitalization of $6.14 billion, a P/E ratio of -7.01 and a beta of 2.96. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $25.52.

Insider Buying and Selling

In related news, Director Wesley Hastie Williams sold 49,867 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the completion of the sale, the director owned 158,145 shares in the company, valued at $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 35,568 shares of the stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the completion of the transaction, the chief operating officer owned 1,512,644 shares in the company, valued at $26,864,557.44. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 142,825 shares of company stock worth $2,319,720 over the last 90 days. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.