BTIG Research Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price target boosted by BTIG Research from $6.00 to $9.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also weighed in on CIFR. Compass Point lifted their price objective on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Macquarie boosted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Northland Securities assumed coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Eight equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $7.72.

Cipher Mining Stock Up 3.3 %

CIFR opened at $6.63 on Friday. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The company’s 50-day moving average price is $4.61 and its two-hundred day moving average price is $4.44. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -51.00 and a beta of 2.18. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the previous year, the company posted ($0.07) EPS. As a group, equities analysts expect that Cipher Mining will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the transaction, the insider now owns 103,946,004 shares in the company, valued at $284,812,050.96. This trade represents a 1.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock worth $25,974,602 over the last ninety days. 2.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Barclays PLC boosted its position in Cipher Mining by 377.2% during the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after buying an additional 234,366 shares during the period. State Street Corp grew its stake in shares of Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares during the last quarter. Paloma Partners Management Co purchased a new position in shares of Cipher Mining in the third quarter worth about $4,029,000. Finally, Verition Fund Management LLC lifted its stake in shares of Cipher Mining by 30.7% in the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after acquiring an additional 3,086 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.