Cantor Fitzgerald Lowers Cipher Mining (NASDAQ:CIFR) Price Target to $10.00

Cipher Mining (NASDAQ:CIFR) had its target price lowered by research analysts at Cantor Fitzgerald from $11.00 to $10.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 71.82% from the company’s current price.

A number of other research firms also recently weighed in on CIFR. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating for the company. BTIG Research lifted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research report on Tuesday, December 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.14.

Cipher Mining Price Performance

CIFR stock opened at $5.82 on Tuesday. The firm has a 50 day simple moving average of $5.67 and a two-hundred day simple moving average of $4.97. The stock has a market cap of $2.02 billion, a PE ratio of -44.77 and a beta of 2.40. Cipher Mining has a one year low of $2.40 and a one year high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Insiders Place Their Bets

In related news, 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 transaction of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 356,881 shares of company stock valued at $2,388,389. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its holdings in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after buying an additional 5,432 shares during the period. Farther Finance Advisors LLC purchased a new stake in Cipher Mining during the third quarter valued at $33,000. W Advisors LLC bought a new position in Cipher Mining in the third quarter valued at about $45,000. KBC Group NV purchased a new position in Cipher Mining in the fourth quarter worth about $46,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining during the 3rd quarter valued at about $47,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.