Cipher Mining Inc. (NASDAQ:CIFR) Receives Average Rating of “Buy” from Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned an average recommendation of “Buy” from the ten analysts that are currently covering the firm, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $7.72.

Several equities research analysts have recently issued reports on CIFR shares. Northland Securities started coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Needham & Company LLC reissued a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie increased their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday.

Cipher Mining Price Performance

CIFR stock opened at $6.63 on Wednesday. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The firm has a market capitalization of $2.31 billion, a P/E ratio of -51.00 and a beta of 2.18. The company has a fifty day simple moving average of $4.61 and a two-hundred day simple moving average of $4.44. 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) earnings per share (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 company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same period in the previous year, the business earned ($0.07) earnings per share. Analysts anticipate that Cipher Mining will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The trade was a 19.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’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 sale, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The trade was a 1.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,296,839 shares of company stock worth $25,974,602. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Janney Montgomery Scott LLC acquired a new position in shares of Cipher Mining during the first quarter worth $52,000. SG Americas Securities LLC purchased a new stake in Cipher Mining in the first quarter valued at about $74,000. Swiss National Bank boosted its holdings in Cipher Mining by 27.0% in the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after acquiring an additional 26,700 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Finally, Vident Advisory LLC boosted its stake in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. 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.