Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.25 Consensus PT from Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned an average recommendation of “Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $8.25.

Several research analysts have recently weighed in on the company. Macquarie upped 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. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Northland Securities upped their target price on Cipher Mining from $6.00 to $8.50 and gave the stock 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 target price for the company in a research note on Tuesday, December 10th. Finally, BTIG Research upped their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining 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 transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 356,881 shares of company stock worth $2,388,389 in the last 90 days. 2.25% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC raised its stake in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Tidal Investments LLC increased its position in shares of Cipher Mining by 73.4% during 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 period. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in shares of Cipher Mining in the 3rd quarter worth $4,029,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $5.73 on Monday. Cipher Mining has a one year low of $2.40 and a one year high of $7.99. The company has a market capitalization of $1.99 billion, a PE ratio of -44.07 and a beta of 2.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a 50-day simple moving average of $5.67 and a two-hundred day simple moving average of $4.99.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data 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 return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the prior year, the company posted ($0.07) EPS. Research analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

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.