Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $7.21

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned a consensus rating of “Buy” from the nine research firms that are presently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $7.21.

CIFR has been the topic of a number of analyst reports. Needham & Company LLC lifted their price objective on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. Macquarie began coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price on the stock. Finally, Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price on the stock.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $5.38 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The firm has a fifty day moving average of $3.70 and a 200 day moving average of $4.18. The firm has a market cap of $1.67 billion, a PE ratio of 89.67 and a beta of 2.25. Cipher Mining has a one year low of $2.15 and a one year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same quarter last year, the business posted ($0.05) earnings per share. As a group, research analysts predict that Cipher Mining will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,943,078 shares of company stock valued at $17,389,769. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Xponance Inc. acquired a new position in shares of Cipher Mining during the 2nd quarter worth about $45,000. Prospect Financial Services LLC purchased a new position in shares of Cipher Mining in the 3rd quarter valued at about $47,000. SG Americas Securities LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth about $49,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Cipher Mining during the first quarter worth approximately $52,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.