Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) has earned a consensus rating of "Buy" from the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Nine 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 brokers that have updated their coverage on the stock in the last year is $8.03.
CIFR has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Needham & Company LLC reiterated a "buy" rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Canaccord Genuity Group restated a "buy" rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Capmk upgraded shares of Cipher Mining to a "strong-buy" rating in a report on Wednesday, September 25th.
Read Our Latest Stock Report on CIFR
Insider Buying and Selling
In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the business's 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 transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 11.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider now owns 98,747,588 shares in the company, valued at approximately $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 three months, insiders sold 1,446,623 shares of company stock valued at $9,000,561. Company insiders own 2.25% of the company's stock.
Institutional Trading of Cipher Mining
Institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its position in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Paloma Partners Management Co bought a new stake in shares of Cipher Mining during the third quarter valued at approximately $4,029,000. Geode Capital Management LLC boosted its position in shares of Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock worth $21,327,000 after buying an additional 1,511,455 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Cipher Mining during the second quarter worth approximately $1,332,000. Finally, Bank of New York Mellon Corp grew its holdings in Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock worth $2,279,000 after buying an additional 389,079 shares in the last quarter. Institutional investors own 12.26% of the company's stock.
Cipher Mining Price Performance
CIFR traded up $0.19 on Thursday, reaching $4.83. 7,385,065 shares of the company's stock were exchanged, compared to its average volume of 8,740,756. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The stock has a market cap of $1.68 billion, a PE ratio of -37.15 and a beta of 2.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock's fifty day moving average price is $6.09 and its 200-day moving average price is $4.92.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued 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 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 quarter in the previous year, the company earned ($0.07) earnings per share. Sell-side analysts expect that Cipher Mining will post -0.31 EPS for the current year.
About Cipher Mining
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Get Free ReportCipher 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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