Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Recommendation of “Buy” from Analysts

by · The Markets Daily

Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) has been given an average rating of “Buy” by the nine ratings firms that are covering the company, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $7.21.

A number of analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Needham & Company LLC raised their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Finally, Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th.

Check Out Our Latest Report on CIFR

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares of the company’s stock, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,943,078 shares of company stock valued at $17,389,769. 2.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the business. Amalgamated Bank raised its holdings in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Xponance Inc. bought a new position in shares of Cipher Mining in the 2nd quarter valued at approximately $45,000. Prospect Financial Services LLC acquired a new stake in Cipher Mining in the 3rd quarter worth approximately $47,000. SG Americas Securities LLC acquired a new stake in Cipher Mining in the 3rd quarter worth approximately $49,000. Finally, Janney Montgomery Scott LLC bought a new stake in Cipher Mining during the first quarter worth approximately $52,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Trading Down 2.2 %

Cipher Mining stock opened at $5.46 on Friday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 91.00 and a beta of 2.25. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The firm’s 50 day moving average price is $3.83 and its two-hundred day moving average price is $4.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49.

Cipher Mining (NASDAQ:CIFR – Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same period in the previous year, the firm earned ($0.05) earnings per share. On average, research analysts predict that Cipher Mining will post -0.04 EPS for the current fiscal year.

Cipher Mining Company Profile

(Get Free Report

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.

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