Cantor Fitzgerald Issues Pessimistic Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price objective lowered by analysts at Cantor Fitzgerald from $11.00 to $10.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 71.82% from the company’s previous close.

A number of other research analysts have also weighed in on CIFR. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a report on Friday. Northland Securities lifted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $8.14.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $5.82 on Tuesday. Cipher Mining has a twelve month low of $2.40 and a twelve month high of $7.99. The stock’s 50 day moving average is $5.67 and its 200-day 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. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -44.77 and a beta of 2.40.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 356,881 shares of company stock valued at $2,388,389. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its holdings in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after buying an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in Cipher Mining during the 3rd quarter worth approximately $33,000. W Advisors LLC purchased a new stake in Cipher Mining in the 3rd quarter worth approximately $45,000. KBC Group NV bought a new position in Cipher Mining in the 4th quarter valued at $46,000. Finally, Prospect Financial Services LLC purchased a new position in shares of Cipher Mining during the 3rd quarter valued at $47,000. 12.26% of the stock is currently owned by institutional investors.

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.