Cipher Mining’s (CIFR) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report report published on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a $24.00 target price on the stock.

A number of other analysts also recently issued reports on CIFR. Wells Fargo & Company set a $18.00 target price on Cipher Mining in a research report on Monday, November 24th. Citigroup began coverage on Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Citizens Jmp set a $30.00 price target on Cipher Mining in a research report on Wednesday, November 19th. Zacks Research cut Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Finally, Morgan Stanley started coverage on Cipher Mining in a report on Monday, February 9th. They issued an “overweight” rating and a $38.00 price objective for the company. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus price target of $23.68.

Cipher Mining Stock Down 0.2%

Shares of CIFR stock opened at $14.64 on Thursday. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -6.78 and a beta of 2.96. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $25.52. The firm has a fifty day moving average of $16.09 and a 200-day moving average of $16.01. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the transaction, the chief operating officer directly owned 1,441,508 shares in the company, valued at approximately $21,593,789.84. The trade was a 2.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James E. Newsome sold 45,161 shares of Cipher Mining stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the transaction, the director directly owned 127,331 shares in the company, valued at $2,004,189.94. This trade represents a 26.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 116,297 shares of company stock worth $1,875,330 over the last ninety days. Insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC bought a new position in Cipher Mining in the first quarter valued at about $9,316,000. Goldman Sachs Group Inc. grew its holdings in shares of Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after purchasing an additional 1,610,073 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Cipher Mining by 24.0% in the second quarter. ProShare Advisors LLC now owns 54,387 shares of the company’s stock valued at $260,000 after buying an additional 10,543 shares during the period. Geode Capital Management LLC increased its stake in shares of Cipher Mining by 18.1% in the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock valued at $34,621,000 after buying an additional 1,108,850 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in Cipher Mining by 32.1% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 60,235 shares of the company’s stock valued at $288,000 after buying an additional 14,649 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.