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

Cipher Mining Inc. (NASDAQ:CIFR) has been assigned an average recommendation of “Buy” from the seven brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $6.40.

A number of equities research analysts have recently issued reports on CIFR shares. Needham & Company LLC reissued a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Friday, June 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $6.00 target price (up from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. HC Wainwright raised their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday. Finally, Cantor Fitzgerald initiated coverage on Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target for the company.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $4.08, for a total transaction of $1,202,828.88. Following the sale, the insider now owns 118,519,768 shares of the company’s stock, valued at approximately $483,560,653.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 5,302,379 shares of company stock worth $24,285,016. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. First Financial Bankshares Inc bought a new stake in shares of Cipher Mining during the 4th quarter valued at $9,901,000. Vanguard Group Inc. grew its stake 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 valued at $29,134,000 after acquiring an additional 2,164,383 shares during the period. Vident Advisory LLC increased its holdings in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after acquiring an additional 1,090,811 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Cipher Mining by 38.9% during 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. Finally, Shariaportfolio Inc. bought a new position in shares of Cipher Mining during the 4th quarter valued at approximately $2,460,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Price Performance

NASDAQ CIFR opened at $4.07 on Monday. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $4.82 and its 200-day moving average is $4.12. The company has a market capitalization of $1.26 billion, a PE ratio of 67.83 and a beta of 2.29. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 7th. The company reported $0.13 EPS for the quarter. The company had revenue of $48.14 million during the quarter, compared to the consensus estimate of $50.05 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%.

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.