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

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, fifteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $29.5833.

A number of brokerages recently weighed in on CIFR. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Keefe, Bruyette & Woods decreased their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Rosenblatt Securities restated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Thursday, September 10th. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Finally, Sanford C. Bernstein began coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 target price for the company.

Cipher Mining Stock Up 8.3%

CIFR stock opened at $18.34 on Friday. The company has a market cap of $7.61 billion, a price-to-earnings ratio of -6.41 and a beta of 3.15. Cipher Mining has a twelve month low of $11.01 and a twelve month high of $30.14. The business has a 50 day moving average price of $18.27 and a two-hundred day moving average price of $19.16. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same quarter in the prior year, the company earned ($0.12) EPS. Analysts anticipate that Cipher Mining will post -1.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently added to or reduced their stakes in the business. Situational Awareness LP raised its holdings in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after acquiring an additional 4,728,600 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after acquiring an additional 3,388,359 shares during the period. Graham Capital Management L.P. acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $33,329,000. Capital Research Global Investors acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $29,460,000. Finally, Renaissance Technologies LLC bought a new position in shares of Cipher Mining during the first quarter worth approximately $24,486,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.