Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.03 Average Target Price from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received an average rating of “Buy” from the eleven ratings firms that are currently covering the company, MarketBeat.com reports. Nine investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $8.03.

Several research analysts have weighed in on CIFR shares. Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC restated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Macquarie boosted their price target on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on 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 owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This trade represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,593,503 shares of company stock worth $9,568,005. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the business. Amalgamated Bank increased its position in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the third quarter worth approximately $33,000. Xponance Inc. acquired a new position in Cipher Mining during the second quarter worth approximately $45,000. Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining during the first quarter worth approximately $59,000. Finally, W Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

CIFR stock opened at $6.13 on Friday. The business’s 50-day moving average price is $5.69 and its two-hundred day moving average price is $4.74. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market cap of $2.13 billion, a PE ratio of -47.15 and a beta of 2.29. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. As a group, research analysts forecast that Cipher Mining will post -0.18 earnings per share for the current 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.