Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Recommendation of "Buy" from Analysts

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) has earned an average recommendation of "Buy" from the ten ratings firms that are currently covering the company, MarketBeat reports. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $8.03.

A number of analysts have recently issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities increased their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an "outperform" rating in a report on Wednesday. Compass Point increased their price objective on Cipher Mining from $7.50 to $9.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. HC Wainwright reiterated a "buy" rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, Canaccord Genuity Group reiterated 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 3.2 %

Cipher Mining stock traded up $0.22 during trading on Friday, hitting $7.11. The company's stock had a trading volume of 15,241,562 shares, compared to its average volume of 9,883,014. 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 stock's fifty day moving average is $5.59 and its 200 day moving average is $4.71. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -54.69 and a beta of 2.29. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to the consensus estimate 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 last year, the company earned ($0.07) earnings per share. As a group, equities research analysts predict that Cipher Mining will post -0.18 EPS for the current year.

Insider Activity at Cipher Mining

In related news, insider William Iwaschuk sold 150,000 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The trade was a 19.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares of the company's stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,494,615 shares of company stock valued at $15,024,197. 2.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company's stock worth $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Cipher Mining in the third quarter valued at $4,029,000. Dark Forest Capital Management LP acquired a new stake in Cipher Mining in the second quarter valued at $1,332,000. Bank of New York Mellon Corp increased its holdings in Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock valued at $2,279,000 after purchasing an additional 389,079 shares during the period. Finally, Duncan Williams Asset Management LLC acquired a new stake in Cipher Mining in the third quarter valued at $553,000. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.