Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of “Buy” by Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given an average rating of “Buy” by the eleven research firms that are currently covering the firm, MarketBeat reports. Nine investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $8.03.

A number of research analysts have weighed in on CIFR shares. Northland Securities raised their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. BTIG Research increased their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,623 shares of company stock valued at $9,000,561 in the last quarter. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Amalgamated Bank lifted its holdings in shares of 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 purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining during the 3rd quarter valued at approximately $33,000. Xponance Inc. purchased a new position in Cipher Mining during the second quarter valued at $45,000. W Advisors LLC bought a new stake in Cipher Mining in the third quarter worth $45,000. Finally, Prospect Financial Services LLC bought a new position in shares of Cipher Mining during the third quarter valued at $47,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Stock Up 5.0 %

Shares of NASDAQ:CIFR opened at $5.85 on Thursday. The firm has a market cap of $2.03 billion, a P/E ratio of -45.00 and a beta of 2.38. The business has a fifty day simple moving average of $6.10 and a 200 day simple moving average of $4.92. 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 12-month low of $2.15 and a 12-month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the previous year, the company posted ($0.07) earnings per share. Analysts predict that Cipher Mining will post -0.31 earnings per share 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.