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

Cipher Mining Inc. (NASDAQ:CIFR) has earned an average rating of “Buy” from the twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. Ten analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $8.25.

Several research analysts have issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 price objective on shares of Cipher Mining in a report on Tuesday, January 7th. Macquarie upped their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a report on Friday. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st.

Cipher Mining Trading Up 21.9 %

Shares of CIFR opened at $5.73 on Monday. Cipher Mining has a 12-month low of $2.40 and a 12-month high of $7.99. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -44.07 and a beta of 2.38. The stock’s 50-day moving average price is $5.67 and its 200 day moving average price is $4.99. 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 (NASDAQ:CIFR) last released its quarterly earnings data 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 company had revenue of $24.10 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted ($0.07) earnings per share. As a group, research analysts predict that Cipher Mining will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on 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 owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 356,881 shares of company stock valued at $2,388,389. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank raised 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 period. Nisa Investment Advisors LLC raised its holdings in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares during the period. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining during the third quarter valued at about $33,000. Xponance Inc. acquired a new position in shares of Cipher Mining during the second quarter valued at about $45,000. Finally, W Advisors LLC acquired a new position in shares of Cipher Mining during the third quarter valued at about $45,000. 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.