Needham & Company LLC Cuts Cipher Mining (NASDAQ:CIFR) Price Target to $22.00

Cipher Mining (NASDAQ:CIFR) had its price objective trimmed by Needham & Company LLC to $22.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

CIFR has been the subject of several other research reports. Wells Fargo & Company set a $18.00 price target on Cipher Mining in a research note on Monday, November 24th. Morgan Stanley assumed coverage on shares of Cipher Mining in a research note on Monday, February 9th. They set an “overweight” rating and a $38.00 price target on the stock. BTIG Research reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, November 5th. Northland Securities set a $27.50 price objective on shares of Cipher Mining in a report on Tuesday, November 4th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cipher Mining from $13.00 to $22.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.46.

Cipher Mining Price Performance

CIFR opened at $15.60 on Wednesday. The stock has a fifty day moving average price of $16.46 and a 200 day moving average price of $15.18. The company has a current ratio of 3.79, a quick ratio of 2.49 and a debt-to-equity ratio of 3.37. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $25.52. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of -7.22 and a beta of 2.95.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $17.76, for a total value of $631,687.68. Following the transaction, the chief operating officer directly owned 1,512,644 shares of the company’s stock, valued at $26,864,557.44. The trade was a 2.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James E. Newsome sold 21,821 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $16.03, for a total transaction of $349,790.63. Following the completion of the sale, the director directly owned 172,492 shares of the company’s stock, valued at approximately $2,765,046.76. This trade represents a 11.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 142,825 shares of company stock worth $2,319,720 over the last ninety days. Company insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the stock. Sherman Asset Management Inc. bought a new position in Cipher Mining during the third quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Cipher Mining during the 4th quarter worth approximately $25,000. Arax Advisory Partners increased its position in shares of 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 period. GAMMA Investing LLC raised its stake in shares of Cipher Mining by 218.3% in 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 in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Cipher Mining in the fourth quarter worth $28,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.