Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of "Buy" by Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have earned a consensus recommendation of "Buy" from the nine brokerages that are currently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.54.

Several equities analysts have recently weighed in on CIFR shares. Northland Securities started coverage on Cipher Mining in a report on Wednesday, September 25th. They set an "outperform" rating and a $6.00 price objective on the stock. Canaccord Genuity Group restated a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Compass Point boosted their target price on Cipher Mining from $7.50 to $9.00 and gave the company a "buy" rating in a research note on Thursday, August 15th. Northland Capmk upgraded Cipher Mining to a "strong-buy" rating in a research note on Wednesday, September 25th. Finally, Needham & Company LLC restated a "buy" rating and issued a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st.

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 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 transaction, the chief operating officer now owns 664,270 shares of the company's stock, valued at $4,756,173.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cipher Mining 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 transaction, the chief operating officer now owns 664,270 shares of the company's stock, valued at $4,756,173.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,296,839 shares of company stock valued at $25,974,602 in the last 90 days. 2.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CIFR. Millennium Management LLC increased its holdings in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock worth $22,123,000 after acquiring an additional 2,938,184 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company's stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. 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. Vident Advisory LLC grew its holdings in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company's stock valued at $11,537,000 after buying an additional 1,090,811 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Cipher Mining by 71.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company's stock valued at $9,118,000 after buying an additional 977,963 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Stock Down 9.9 %

Shares of NASDAQ:CIFR traded down $0.73 during trading on Wednesday, hitting $6.62. 11,526,972 shares of the company's stock traded hands, compared to its average volume of 9,374,467. Cipher Mining has a 52 week low of $2.15 and a 52 week 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 company has a market cap of $2.30 billion, a price-to-earnings ratio of -51.38 and a beta of 2.18. The company has a 50-day moving average price of $4.39 and a 200-day moving average price of $4.39.

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

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.