Cipher Mining Inc. (NASDAQ:CIFR) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received an average rating of “Moderate Buy” from the nineteen brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, fifteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $28.3125.

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald reduced their target price on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Keefe, Bruyette & Woods raised their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. BTIG Research boosted their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Sanford C. Bernstein initiated coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price objective on the stock. Finally, Needham & Company LLC increased their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th.

Insider Activity at Cipher Mining

In related news, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the sale, the director directly owned 128,530 shares in the company, valued at $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the completion of the sale, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. The trade was a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,132,836 shares of company stock valued at $81,420,063 over the last quarter. 2.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. 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 lifted its holdings in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after buying an additional 1,338 shares during the period. GAMMA Investing LLC lifted its holdings in 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 buying an additional 1,286 shares during the period. Meeder Asset Management Inc. acquired a new position in Cipher Mining in the fourth quarter valued at approximately $28,000. Finally, Danske Bank A S boosted its stake in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after acquiring an additional 2,300 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Cipher Mining stock opened at $20.04 on Monday. The stock has a 50-day simple moving average of $22.77 and a 200 day simple moving average of $18.32. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. Cipher Mining has a 12-month low of $4.55 and a 12-month high of $30.14. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of -8.60 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. On average, research analysts anticipate that Cipher Mining will post -0.8 earnings per share for the current fiscal year.

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.