Cipher Mining (NASDAQ:CIFR) Price Target Cut to $10.00 by Analysts at Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR) had its price target cut by Cantor Fitzgerald from $11.00 to $10.00 in a research note released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, January 31st. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Tuesday, December 10th. Finally, Northland Securities raised their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.14.

Cipher Mining Stock Down 0.2 %

Shares of NASDAQ CIFR opened at $5.81 on Tuesday. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of -44.69 and a beta of 2.40. The company’s 50-day simple moving average is $5.65 and its 200-day simple moving average is $4.97. 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 has a 52-week low of $2.40 and a 52-week high of $7.99.

Insider Activity

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were 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 filing with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 356,281 shares of company stock valued at $2,384,189 in the last 90 days. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP purchased a new position in shares of Cipher Mining during the second quarter worth $2,142,000. AQR Capital Management LLC boosted its holdings in Cipher Mining by 55.3% during the 2nd quarter. AQR Capital Management LLC now owns 69,789 shares of the company’s stock valued at $290,000 after acquiring an additional 24,842 shares during the period. The Manufacturers Life Insurance Company grew its position in Cipher Mining by 246.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after acquiring an additional 47,738 shares in the last quarter. Algert Global LLC purchased a new stake in Cipher Mining during the second quarter worth about $75,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Cipher Mining during the third quarter worth about $49,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.