Cipher Mining (NASDAQ:CIFR) Price Target Raised to $7.00

Cipher Mining (NASDAQ:CIFR) had its target price boosted by Canaccord Genuity Group from $6.00 to $7.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on CIFR. Compass Point lifted their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a buy rating in a report on Thursday, August 15th. HC Wainwright lifted their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Needham & Company LLC raised their price target on Cipher Mining from $5.00 to $7.50 and gave the company a buy rating in a report on Wednesday, August 14th. Stifel Canada raised Cipher Mining to a strong-buy rating in a report on Tuesday, August 6th. Finally, Cantor Fitzgerald initiated coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They issued an overweight rating and a $9.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Buy and an average target price of $7.42.

Cipher Mining Trading Up 5.5 %

NASDAQ CIFR opened at $4.00 on Wednesday. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average of $4.75 and a 200-day moving average of $4.21. The company has a market cap of $1.24 billion, a PE ratio of 66.67 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. During the same quarter last year, the company posted ($0.05) earnings per share.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now owns 109,911,187 shares in the company, valued at approximately $684,746,695.01. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 5,007,568 shares of company stock valued at $23,082,187. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Institutional investors have recently modified their holdings of the stock. Amalgamated Bank raised its stake in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Xponance Inc. bought a new position in Cipher Mining in the 2nd quarter valued at about $45,000. Wolverine Asset Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at approximately $49,000. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining during the 1st quarter worth approximately $52,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Cipher Mining during the 1st quarter worth approximately $59,000. 12.26% of the stock is currently owned by institutional investors.

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.