Cipher Mining Inc. (NASDAQ:CIFR) Stock Has Average Price Target of $28.72 According to Brokerages

Cipher Mining Inc. (NASDAQ:CIFR) has received an average rating of “Moderate Buy” from the twenty-one research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $28.56.

A number of equities analysts have recently weighed in on CIFR shares. Keefe, Bruyette & Woods reduced their price target on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. JPMorgan Chase & Co. decreased their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $28.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. Finally, BTIG Research raised their price objective on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th.

Cipher Mining Stock Performance

Cipher Mining stock opened at $8.88 on Wednesday. The company’s 50 day simple moving average is $15.61 and its 200 day simple moving average is $19.20. Cipher Mining has a fifty-two week low of $8.23 and a fifty-two week high of $30.14. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last issued 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). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The firm had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. As a group, equities analysts anticipate that Cipher Mining will post -1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Janus Henderson Group PLC increased its position in shares of Cipher Mining by 1.9% during the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after acquiring an additional 81,192 shares in the last quarter. Wellington Management Group LLP raised 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. Jennison Associates LLC raised its holdings in shares of Cipher Mining by 48.7% during the first quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock worth $32,423,000 after acquiring an additional 824,618 shares during the period. Graham Capital Management L.P. bought a new stake in Cipher Mining in the 4th quarter valued at $33,329,000. Finally, Renaissance Technologies LLC bought a new stake in Cipher Mining in the 1st quarter valued at $24,486,000. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.