Cipher Mining (NASDAQ:CIFR) Price Target Raised to $8.50

Cipher Mining (NASDAQ:CIFR) had its price objective increased by Northland Securities from $6.00 to $8.50 in a report issued on Wednesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also issued research reports about the company. Needham & Company LLC reissued a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. Compass Point lifted their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $8.03.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $7.11 on Wednesday. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $5.59 and a 200-day simple moving average of $4.70. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The stock has a market cap of $2.47 billion, a PE ratio of -54.69 and a beta of 2.29.

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 analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the prior year, the business posted ($0.07) earnings per share. On average, equities analysts expect that Cipher Mining will post -0.18 EPS for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $2.87, for a total value of $5,456,191.44. Following the completion of the sale, the insider now owns 102,044,892 shares in the company, valued at approximately $292,868,840.04. This represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,494,615 shares of company stock worth $15,024,197 in the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank lifted its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter worth approximately $33,000. Xponance Inc. acquired a new stake in shares of Cipher Mining in the 2nd quarter valued at $45,000. W Advisors LLC acquired a new position in Cipher Mining during the third quarter worth about $45,000. Finally, Prospect Financial Services LLC bought a new position in Cipher Mining in the 3rd quarter valued at approximately $47,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.