Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $24.46

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given an average recommendation of “Moderate Buy” by the seventeen ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $24.4643.

Several analysts have issued reports on CIFR shares. Zacks Research downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Morgan Stanley initiated coverage on Cipher Mining in a report on Monday, February 9th. They set an “overweight” rating and a $38.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on Cipher Mining from $13.00 to $22.00 and gave the company a “moderate buy” rating in a research report on Tuesday, January 27th. Wells Fargo & Company set a $18.00 target price on Cipher Mining in a research note on Monday, November 24th. Finally, Wall Street Zen downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st.

Cipher Mining Trading Up 5.1%

CIFR opened at $14.31 on Tuesday. The stock has a market capitalization of $5.80 billion, a P/E ratio of -6.63 and a beta of 2.96. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $25.52. The firm’s fifty day simple moving average is $16.36 and its 200 day simple moving average is $15.72.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 35,568 shares of the firm’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $17.76, for a total value of $631,687.68. Following the completion of the transaction, the chief operating officer owned 1,512,644 shares of the company’s stock, valued at approximately $26,864,557.44. This trade represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wesley Hastie Williams sold 49,867 shares of Cipher Mining stock in a transaction on Friday, December 19th. The shares were sold at an average price of $16.08, for a total transaction of $801,861.36. Following the completion of the sale, the director owned 158,145 shares in the company, valued at $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 187,986 shares of company stock valued at $3,030,554 over the last 90 days. 2.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of CIFR. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at about $25,000. Arax Advisory Partners boosted its position in Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares during the last quarter. GAMMA Investing LLC boosted its position in Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Cipher Mining in the fourth quarter valued at approximately $28,000. Finally, Sherman Asset Management Inc. bought a new position in Cipher Mining in the third quarter valued at approximately $25,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.