Cipher Mining (NASDAQ:CIFR) Stock Price Expected to Rise, Macquarie Analyst Says

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price target hoisted by stock analysts at Macquarie from $6.00 to $7.25 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Macquarie's price objective suggests a potential upside of 4.32% from the company's previous close.

A number of other brokerages have also commented on CIFR. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Needham & Company LLC reissued a "buy" rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Stifel Canada raised shares of Cipher Mining to a "strong-buy" rating in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Cipher Mining has a consensus rating of "Buy" and an average price target of $7.54.

Cipher Mining Stock Down 0.3 %

CIFR traded down $0.02 during trading on Thursday, reaching $6.95. The company had a trading volume of 19,714,119 shares, compared to its average volume of 9,274,785. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The business's fifty day moving average price is $4.08 and its 200 day moving average price is $4.31. The company has a market cap of $2.42 billion, a P/E ratio of -52.92 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same period in the previous year, the firm posted ($0.07) EPS. Equities analysts anticipate that Cipher Mining will post -0.06 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the company's stock in a transaction on Wednesday, September 25th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the transaction, the insider now owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,943,678 shares of company stock worth $23,613,969. Insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the stock. Drive Wealth Management LLC acquired a new position in shares of Cipher Mining in the third quarter valued at $370,000. Victory Capital Management Inc. increased its holdings in shares of Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock valued at $101,000 after purchasing an additional 2,101 shares during the last quarter. TRU Independence Asset Management 2 LLC acquired a new position in shares of Cipher Mining in the third quarter valued at about $132,000. Van ECK Associates Corp grew its stake in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock valued at $15,094,000 after acquiring an additional 1,144,390 shares in the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter valued at about $33,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.