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

Cipher Mining Inc. (NASDAQ:CIFR) has been given a consensus recommendation of “Buy” by the nine brokerages that are covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $7.54.

CIFR has been the topic of several recent research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Compass Point boosted their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $7.35 on Wednesday. The stock has a market cap of $2.56 billion, a P/E ratio of -56.54 and a beta of 2.18. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The stock has a 50 day moving average of $4.30 and a two-hundred day moving average of $4.37. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued 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). The business had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the previous year, the business posted ($0.07) earnings per share. On average, research analysts forecast that Cipher Mining will post -0.18 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the sale, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s 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 in the company, valued at approximately $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,296,839 shares of company stock valued at $25,974,602 in the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new position in Cipher Mining in the 1st quarter valued at $52,000. SG Americas Securities LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at $74,000. Swiss National Bank increased its stake in Cipher Mining by 27.0% in the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares during the last quarter. Vanguard Group Inc. lifted its position 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 buying an additional 2,164,383 shares during the period. Finally, Vident Advisory LLC increased its position in Cipher Mining by 94.9% during the first 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 during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.