Cipher Mining Inc. (NASDAQ:CIFR) Receives $7.21 Average PT from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has earned an average rating of “Buy” from the nine ratings firms that are presently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $7.21.

Several research firms recently issued reports on CIFR. 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 price target on the stock. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Compass Point upped 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.

Insider Transactions at Cipher Mining

In other Cipher Mining 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 shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares in the company, valued at $284,812,050.96. The trade was 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 available at this link. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the transaction, the insider now owns 103,946,004 shares of the company’s stock, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,943,078 shares of company stock worth $17,389,769. 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 stock. Vanguard Group Inc. boosted its holdings in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares during the period. Millennium Management LLC lifted 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 purchasing an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp boosted its stake in Cipher Mining by 0.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after purchasing an additional 22,086 shares during the period. Vident Advisory LLC grew its position in Cipher Mining by 94.9% in the 1st 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. Finally, Bank of New York Mellon Corp increased its stake in shares of Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after purchasing an additional 389,079 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $5.15 on Friday. The business’s 50-day simple moving average is $3.76 and its 200 day simple moving average is $4.20. The company has a market cap of $1.60 billion, a P/E ratio of 85.83 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. Cipher Mining has a one year low of $2.15 and a one year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same quarter last year, the firm posted ($0.05) earnings per share. On average, sell-side analysts forecast that Cipher Mining will post -0.04 earnings per share 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.