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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received an average rating of “Buy” from the twelve research firms that are presently covering the company, MarketBeat Ratings reports. Ten 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 target among analysts that have issued ratings on the stock in the last year is $8.25.

Several research firms recently weighed in on CIFR. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research report on Tuesday, December 10th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock valued at $9,000,561 in the last 90 days. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its position in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Tidal Investments LLC grew its stake 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 worth $14,485,000 after acquiring an additional 1,584,874 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 purchasing an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after purchasing an additional 1,144,390 shares in the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Cipher Mining in the third quarter worth $4,029,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $5.05 on Thursday. The business has a fifty day moving average of $6.09 and a 200-day moving average of $4.93. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The firm has a market cap of $1.76 billion, a PE ratio of -38.84 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share 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 during the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the business posted ($0.07) EPS. On average, equities research analysts predict that Cipher Mining will post -0.31 EPS for the current fiscal year.

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.