Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $28.61

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received a consensus rating of “Moderate Buy” from the nineteen research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $28.6111.

Several brokerages recently commented on CIFR. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 price objective on shares of Cipher Mining in a research note on Wednesday, August 5th. Citigroup restated a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. JPMorgan Chase & Co. reduced their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price target on the stock. Finally, BTIG Research upped their price target on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th.

Cipher Mining Trading Up 2.2%

Shares of CIFR stock opened at $15.50 on Tuesday. The business’s fifty day moving average price is $20.14 and its 200 day moving average price is $19.12. The firm has a market capitalization of $6.43 billion, a PE ratio of -5.42 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. Cipher Mining has a 1-year low of $6.95 and a 1-year high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period last year, the business posted ($0.12) EPS. As a group, sell-side analysts forecast that Cipher Mining will post -1.36 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 1,800,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the transaction, the insider owned 59,516,694 shares in the company, valued at $1,584,334,394.28. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the completion of the transaction, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 3,131,258 shares of company stock valued at $81,429,288. Company insiders own 3.09% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in CIFR. Bank of America Corp DE grew its position in shares of Cipher Mining by 237.7% in the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock valued at $18,207,000 after purchasing an additional 995,735 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Cipher Mining by 16.6% during the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after purchasing an additional 95,686 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in Cipher Mining in the 4th quarter valued at approximately $667,000. Purpose Unlimited Inc. acquired a new stake in Cipher Mining during the 4th quarter valued at $1,558,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in Cipher Mining during the 1st quarter valued at $2,188,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.