Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $24.6786.

CIFR has been the topic of several analyst reports. Compass Point began coverage on Cipher Mining in a report on Monday, September 15th. They set a “buy” rating on the stock. JMP Securities set a $30.00 price target on shares of Cipher Mining in a report on Wednesday, November 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cipher Mining in a report on Monday, November 24th. Canaccord Genuity Group reissued a “buy” rating and issued a $27.00 target price (up previously from $16.00) on shares of Cipher Mining in a research report on Tuesday, November 4th. Finally, Rosenblatt Securities increased their price target on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th.

Cipher Mining Price Performance

Shares of CIFR stock opened at $20.34 on Friday. The firm has a fifty day simple moving average of $17.35 and a 200-day simple moving average of $9.79. The company has a market capitalization of $8.03 billion, a PE ratio of -112.97 and a beta of 2.91. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $25.52. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) 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 $106.69 million for the quarter, compared to analyst estimates of $79.13 million. Equities research analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of Cipher Mining stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the transaction, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 20,798,308 shares of company stock worth $281,176,894. Company insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in CIFR. Sherman Asset Management Inc. bought a new position in shares of Cipher Mining in the 3rd quarter worth about $25,000. Stoneridge Investment Partners LLC acquired a new stake in Cipher Mining during the first quarter worth about $29,000. Hollencrest Capital Management bought a new position in Cipher Mining in the third quarter worth about $31,000. Peterson Wealth Services acquired a new position in Cipher Mining in the third quarter valued at approximately $41,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Cipher Mining by 258.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock valued at $43,000 after purchasing an additional 6,516 shares during the last quarter. Institutional investors and hedge funds 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.