Cipher Mining’s (CIFR) Buy Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a $25.00 price target on the stock.

CIFR has been the topic of several other research reports. Arete assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price target on the stock. JPMorgan Chase & Co. raised their target price on Cipher Mining from $6.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, September 26th. Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target (up from $16.00) on shares of Cipher Mining in a research report on Tuesday. Northland Securities set a $27.50 price target on shares of Cipher Mining in a report on Tuesday. Finally, HC Wainwright boosted their price objective on shares of Cipher Mining to $30.00 and gave the company a “buy” rating in a research note on Monday. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average target price of $23.77.

Cipher Mining Trading Down 4.7%

CIFR opened at $20.69 on Wednesday. The firm has a market capitalization of $8.17 billion, a PE ratio of -114.94 and a beta of 2.91. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 4.18. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $25.52. The company’s 50-day moving average is $15.26 and its 200 day moving average is $8.32.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $71.71 million for the quarter, compared to the consensus estimate of $79.13 million. As a group, research analysts predict that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, insider William Iwaschuk sold 173,094 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total value of $3,898,076.88. Following the completion of the sale, the insider owned 1,054,488 shares in the company, valued at approximately $23,747,069.76. The trade was a 14.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 26,581 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total transaction of $560,327.48. Following the sale, the chief operating officer owned 1,213,919 shares of the company’s stock, valued at $25,589,412.52. This represents a 2.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 20,822,449 shares of company stock worth $279,929,441 over the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Cambridge Investment Research Advisors Inc. raised its holdings in Cipher Mining by 27.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 79,369 shares of the company’s stock worth $183,000 after purchasing an additional 17,319 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Cipher Mining during the first quarter valued at $82,000. Bank of New York Mellon Corp increased its stake in Cipher Mining by 6.9% during the 1st quarter. Bank of New York Mellon Corp now owns 637,760 shares of the company’s stock valued at $1,467,000 after purchasing an additional 41,253 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in Cipher Mining in the first quarter worth about $37,000. Finally, SBI Securities Co. Ltd. grew its holdings in shares of Cipher Mining by 13.0% during the first quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company’s stock valued at $69,000 after buying an additional 3,455 shares during the last quarter. 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.