Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) PT at $7.70

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus rating of “Buy” from the ten research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $7.21.

A number of research analysts have weighed in on CIFR shares. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Needham & Company LLC increased their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Compass Point raised their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Northland Securities initiated coverage on shares of Cipher Mining in a report on Wednesday. They set an “outperform” rating and a $6.00 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Tuesday, September 3rd.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of Cipher Mining stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the insider now directly owns 109,911,187 shares of the company’s stock, valued at $684,746,695.01. The disclosure for this sale can be found here. Insiders have sold 6,462,980 shares of company stock valued at $20,795,679 over the last 90 days. 2.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. First Financial Bankshares Inc bought a new stake in Cipher Mining in the 4th quarter valued at $9,901,000. Vanguard Group Inc. lifted its position in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp boosted its stake in Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after buying an additional 765,238 shares during the last quarter. Swiss National Bank boosted its stake in Cipher Mining by 27.0% during the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after buying an additional 26,700 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in Cipher Mining during the 2nd quarter valued at approximately $1,332,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $4.11 on Tuesday. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average price of $3.93 and a 200-day moving average price of $4.20. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The firm has a market capitalization of $1.27 billion, a PE ratio of 68.50 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, equities research analysts expect that Cipher Mining will post -0.05 earnings per share for the current 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.