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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned an average recommendation of “Buy” from the nine analysts that are currently covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $7.54.

A number of equities analysts have commented on CIFR shares. Northland Securities began coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie increased their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Compass Point lifted their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $7.35 on Wednesday. The business’s 50 day moving average price is $4.30 and its 200 day moving average price is $4.37. The company has a market cap of $2.56 billion, a price-to-earnings ratio of -56.54 and a beta of 2.18. 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 one year low of $2.15 and a one year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million during the quarter, compared to analyst estimates 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 last year, the business earned ($0.07) earnings per share. On average, research analysts predict that Cipher Mining will post -0.18 EPS for the current year.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Friday, September 6th. The stock was 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 directly owns 103,946,004 shares of the company’s stock, valued at $284,812,050.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,296,839 shares of company stock valued at $25,974,602. 2.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Cipher Mining during the 2nd quarter worth about $1,332,000. Swiss National Bank boosted its position in shares of Cipher Mining by 27.0% during the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after acquiring an additional 26,700 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after acquiring an additional 389,079 shares during the last quarter. Finally, Duncan Williams Asset Management LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth about $553,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.