Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $7.54

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned a consensus recommendation of “Buy” from the ten research firms that are presently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $7.72.

Several research analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. Needham & Company LLC restated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Compass Point lifted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,296,839 shares of company stock worth $25,974,602. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its holdings in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining in the 3rd quarter worth about $33,000. Xponance Inc. purchased a new position in shares of Cipher Mining during the second quarter worth approximately $45,000. W Advisors LLC bought a new stake in shares of Cipher Mining during the third quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining in the third quarter valued at approximately $47,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Stock Up 2.3 %

CIFR stock opened at $6.68 on Wednesday. The business’s 50-day moving average price is $4.68 and its 200-day moving average price is $4.46. The stock has a market cap of $2.32 billion, a P/E ratio of -51.38 and a beta of 2.18. The company has a quick ratio of 2.57, a current ratio of 2.57 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.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the firm earned ($0.07) EPS. On average, equities research analysts forecast that Cipher Mining will post -0.18 EPS for the current year.

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.