Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.03 Average PT from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received a consensus recommendation of “Buy” from the twelve analysts that are currently covering the stock, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $8.25.

CIFR has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research note on Wednesday. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. Needham & Company LLC reissued a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a report on Tuesday. Finally, BTIG Research upped their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th.

Cipher Mining Price Performance

NASDAQ CIFR opened at $5.05 on Thursday. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The stock’s 50-day moving average is $6.09 and its two-hundred day moving average is $4.93. The firm has a market cap of $1.76 billion, a P/E ratio of -38.84 and a beta of 2.38. 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 (NASDAQ:CIFR) last posted its earnings results 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 return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the firm posted ($0.07) earnings per share. On average, analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock valued at $9,000,561 over the last ninety days. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

A number of large investors have recently bought and sold shares of CIFR. JPMorgan Chase & Co. lifted its holdings in shares of Cipher Mining by 9.8% during the third quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock valued at $605,000 after acquiring an additional 13,996 shares during the period. Tidal Investments LLC lifted its holdings in Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. Virtu Financial LLC lifted its holdings in Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after purchasing an additional 21,566 shares during the last quarter. Barclays PLC boosted its position in Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after buying an additional 234,366 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in 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 last quarter. 12.26% of the stock is currently owned by institutional investors.

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.