Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $7.21

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have been given an average rating of "Buy" by the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $7.21.

A number of research firms have recently weighed in on CIFR. Compass Point boosted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. Northland Capmk upgraded shares of Cipher Mining to a "strong-buy" rating in a report on Wednesday, September 25th. Cantor Fitzgerald restated an "overweight" rating and issued a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Macquarie began coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They issued an "outperform" rating and a $6.00 target price on the stock. Finally, Needham & Company LLC upped their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the company a "buy" rating in a report on Wednesday, August 14th.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares of the company's stock, valued at $325,399,648.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the business's stock in a transaction dated Wednesday, September 25th. The shares were 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 of the company's stock, valued at $2,439,443.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing 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 business's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares of the company's stock, valued at approximately $325,399,648.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,943,078 shares of company stock worth $17,389,769. Insiders own 2.25% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company's stock worth $25,000 after purchasing an additional 4,557 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining in the 1st quarter worth approximately $52,000. Xponance Inc. purchased a new stake in shares of Cipher Mining in the 2nd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Cipher Mining in the 1st quarter worth approximately $59,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $47,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

NASDAQ CIFR traded up $0.15 on Friday, reaching $4.97. The company had a trading volume of 10,542,842 shares, compared to its average volume of 9,036,459. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $1.54 billion, a PE ratio of 82.83 and a beta of 2.25. The firm's 50 day moving average price is $3.67 and its 200 day moving average price is $4.18. 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 posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The firm had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same period in the previous year, the firm posted ($0.05) EPS. As a group, equities analysts predict that Cipher Mining will post -0.04 earnings per share for the current 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.