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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned an average rating of “Moderate Buy” from the nineteen ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $28.6111.

CIFR has been the topic of a number of recent research reports. Needham & Company LLC lifted their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Chardan Capital restated a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Jefferies Financial Group began coverage on Cipher Mining in a report on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a report on Wednesday, August 5th.

Insider Buying and Selling

In other news, Director James E. Newsome sold 3,758 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the sale, the director owned 128,530 shares in the company, valued at approximately $3,418,898. The trade was a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 1,200,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $25.49, for a total transaction of $30,588,000.00. Following the completion of the sale, the insider directly owned 58,316,694 shares in the company, valued at approximately $1,486,492,530.06. The trade was a 2.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 3,131,258 shares of company stock valued at $81,429,288. 3.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CoreCap Advisors LLC grew its stake in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after buying an additional 500 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining in the fourth quarter valued at approximately $25,000. Arax Advisory Partners raised its stake in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Cipher Mining in the 4th quarter worth approximately $28,000. Finally, Ancora Advisors LLC acquired a new position in shares of Cipher Mining in the 2nd quarter worth approximately $49,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $15.36 on Tuesday. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The business’s 50 day moving average is $21.32 and its two-hundred day moving average is $19.09. The company has a market cap of $6.37 billion, a P/E ratio of -5.37 and a beta of 3.20. Cipher Mining has a 12 month low of $6.02 and a 12 month high of $30.14.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The company had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. On average, equities analysts expect that Cipher Mining will post -1.37 EPS for the current year.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.