Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of “Buy” by Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received a consensus rating of “Buy” from the eleven analysts that are covering the company, MarketBeat.com reports. Nine analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $8.03.

Several equities analysts have recently issued reports on CIFR shares. BTIG Research upped their price target on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Northland Securities upped their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st.

Cipher Mining Stock Up 5.0 %

Shares of NASDAQ CIFR opened at $5.85 on Thursday. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The firm’s 50-day simple moving average is $6.10 and its 200 day simple moving average is $4.92. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -45.00 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results 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 company had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same period last year, the company earned ($0.07) earnings per share. On average, research analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock worth $9,000,561 over the last ninety days. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in Cipher Mining by 9.8% in the third quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock valued at $605,000 after acquiring an additional 13,996 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. Virtu Financial LLC raised its holdings in shares of Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock worth $478,000 after buying an additional 21,566 shares in the last quarter. Barclays PLC boosted its stake in Cipher Mining by 377.2% in 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.