Cipher Mining Inc. (NASDAQ:CIFR) Receives $7.42 Average PT from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has been given an average recommendation of “Buy” by the eight brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $7.42.

A number of equities research analysts recently commented on CIFR shares. Compass Point upped their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research note on Tuesday. HC Wainwright raised their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th.

Cipher Mining Stock Down 8.8 %

NASDAQ:CIFR opened at $3.20 on Friday. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The company has a market cap of $992.09 million, a PE ratio of 53.33 and a beta of 2.29. The company’s 50 day moving average is $4.59 and its two-hundred day moving average is $4.23.

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

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 319,747 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $4.21, for a total value of $1,346,134.87. Following the completion of the transaction, the insider now directly owns 115,790,611 shares in the company, valued at approximately $487,478,472.31. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 3,803,507 shares of company stock valued at $18,463,085 in the last 90 days. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the business. Senator Investment Group LP purchased a new position in Cipher Mining during the second quarter worth approximately $1,190,000. Algert Global LLC purchased a new position in shares of Cipher Mining during the 2nd quarter valued at approximately $75,000. Scientech Research LLC lifted its position in shares of Cipher Mining by 122.9% during the 2nd quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after buying an additional 112,202 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Cipher Mining by 246.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after acquiring an additional 47,738 shares during the period. Finally, Millennium Management LLC increased its holdings in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.