Cipher Mining Inc. (NASDAQ:CIFR) Given Average Rating of "Buy" by Brokerages

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) has earned an average recommendation of "Buy" from the twelve analysts that are presently covering the firm, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $8.25.

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an "outperform" rating for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $11.00 target price on shares of Cipher Mining in a report on Tuesday, January 7th. Needham & Company LLC reiterated a "buy" rating and set a $7.50 target price on shares of Cipher Mining in a report on Tuesday, January 21st. Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st.

Cipher Mining Trading Up 4.4 %

Shares of CIFR traded up $0.20 during mid-day trading on Monday, hitting $4.70. The company had a trading volume of 12,661,949 shares, compared to its average volume of 10,797,881. The business's 50-day simple moving average is $5.72 and its 200-day simple moving average is $5.00. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 1-year low of $2.40 and a 1-year high of $7.99. The stock has a market cap of $1.63 billion, a PE ratio of -36.15 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analysts' expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the firm earned ($0.07) earnings per share. Sell-side analysts forecast that Cipher Mining will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its holdings in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company's stock valued at $25,000 after buying an additional 4,557 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Cipher Mining by 912.9% in the fourth 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 acquired a new stake in shares of Cipher Mining in the third quarter valued at $33,000. Xponance Inc. acquired a new stake in shares of Cipher Mining in the second quarter valued at $45,000. Finally, W Advisors LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at $45,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Company Profile

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.