Cipher Mining (NASDAQ:CIFR) Earns "Overweight" Rating from Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "overweight" rating reiterated by research analysts at Cantor Fitzgerald in a report issued on Tuesday,Benzinga reports. They currently have a $11.00 price objective on the stock. Cantor Fitzgerald's target price would indicate a potential upside of 104.08% from the company's current price.

Several other research analysts have also weighed in on CIFR. Northland Capmk raised Cipher Mining to a "strong-buy" rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. upgraded Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Canaccord Genuity Group reiterated a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Finally, BTIG Research increased their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Nine analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $8.25.

Cipher Mining Trading Down 7.9 %

NASDAQ CIFR traded down $0.46 during trading hours on Tuesday, hitting $5.39. 6,348,314 shares of the company's stock were exchanged, compared to its average volume of 8,057,877. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.87 billion, a P/E ratio of -41.46 and a beta of 2.38. The business's 50 day moving average is $6.10 and its 200-day moving average is $4.93. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results 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 during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the business posted ($0.07) earnings per share. As a group, analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock valued at $9,000,561 in the last quarter. Company insiders own 2.25% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently modified their holdings of the stock. Amalgamated Bank increased its holdings in 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 last quarter. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the 3rd quarter worth approximately $33,000. Xponance Inc. bought a new stake in shares of Cipher Mining in the 2nd quarter valued at approximately $45,000. W Advisors LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC bought a new position in Cipher Mining during the third quarter worth $47,000. 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.