Cipher Mining Inc. (NASDAQ:CIFR) Receives $7.70 Average PT from Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned a consensus rating of “Buy” from the ten brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $7.21.

CIFR has been the subject of a number of recent research reports. HC Wainwright boosted their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Northland Securities initiated coverage on Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price for the company. Compass Point raised their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Needham & Company LLC upped their price objective on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research report on Tuesday, September 3rd.

Insider Activity at Cipher Mining

In other Cipher Mining 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 transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the transaction, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The disclosure for this sale can be found here. Insiders have sold a total of 6,462,980 shares of company stock worth $20,795,679 in the last three months. 2.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC lifted its position in Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares during the period. First Financial Bankshares Inc bought a new position in Cipher Mining during the fourth quarter valued at about $9,901,000. Vanguard Group Inc. grew its holdings in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the period. Vident Advisory LLC raised its position in Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after acquiring an additional 1,090,811 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Cipher Mining by 38.9% in the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after acquiring an additional 765,238 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Price Performance

Shares of CIFR opened at $3.87 on Tuesday. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 64.50 and a beta of 2.24. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The stock has a 50 day moving average of $3.93 and a 200-day moving average of $4.22.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter in the previous year, the company posted ($0.05) earnings per share. As a group, analysts forecast that Cipher Mining will post -0.05 EPS for the current 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.