Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $7.54

Cipher Mining Inc. (NASDAQ:CIFR) has earned an average rating of “Buy” from the ten research firms that are presently covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $7.72.

CIFR has been the subject of several analyst reports. BTIG Research raised their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Northland Securities assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target on the stock. Finally, Compass Point lifted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the transaction, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,296,839 shares of company stock worth $25,974,602. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in CIFR. Amalgamated Bank raised its holdings in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining in the third quarter valued at about $33,000. Xponance Inc. bought a new stake in Cipher Mining during the second quarter worth about $45,000. W Advisors LLC acquired a new stake in Cipher Mining during the third quarter worth about $45,000. Finally, Prospect Financial Services LLC acquired a new stake in Cipher Mining during the third quarter worth about $47,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Up 3.3 %

Shares of Cipher Mining stock opened at $6.63 on Wednesday. The firm has a market cap of $2.31 billion, a PE ratio of -51.00 and a beta of 2.18. The business’s 50 day simple moving average is $4.53 and its 200 day simple moving average is $4.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the business earned ($0.07) earnings per share. On average, analysts predict that Cipher Mining will post -0.18 earnings per share for the current fiscal year.

About Cipher Mining

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.