Cipher Mining (NASDAQ:CIFR - Free Report) had its target price decreased by Cantor Fitzgerald from $11.00 to $10.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.
Several other brokerages have also recently weighed in on CIFR. HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating on the stock. Canaccord Genuity Group restated a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC restated a "buy" rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, January 31st. Finally, Macquarie raised their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a report on Thursday, November 7th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Cipher Mining has a consensus rating of "Buy" and an average price target of $8.14.
Read Our Latest Stock Report on CIFR
Cipher Mining Stock Performance
Shares of NASDAQ CIFR traded down $0.10 during midday trading on Tuesday, hitting $5.71. The company's stock had a trading volume of 5,123,774 shares, compared to its average volume of 12,019,495. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -44.04 and a beta of 2.40. Cipher Mining has a one year low of $2.40 and a one year high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average price of $5.66 and a 200 day moving average price of $4.97.
Insider Buying and Selling
In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business's stock in a transaction that occurred 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 sale, the chief operating officer now owns 664,270 shares of the company's stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm'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 sale, the insider now directly owns 98,747,588 shares of the company's stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 356,281 shares of company stock worth $2,384,189. 2.25% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Cipher Mining
A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. State Street Corp lifted its holdings in Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company's stock valued at $26,777,000 after buying an additional 1,019,949 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the period. Van ECK Associates Corp grew its holdings in Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock valued at $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Tidal Investments LLC grew its stake in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company's stock worth $14,485,000 after buying an additional 1,584,874 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Cipher Mining by 71.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company's stock valued at $9,118,000 after acquiring an additional 977,963 shares during the last quarter. 12.26% of the stock is owned by institutional investors.
About Cipher Mining
(
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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.
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