Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) have received an average recommendation of “Buy” from the twelve research firms that are presently covering the stock, MarketBeat.com reports. Ten investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $8.25.
Several brokerages recently weighed in on CIFR. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. BTIG Research boosted their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. Finally, Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th.
Check Out Our Latest Report on Cipher Mining
Cipher Mining Trading Up 6.7 %
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released 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). The firm had revenue of $24.10 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned ($0.07) earnings per share. On average, equities analysts forecast that Cipher Mining will post -0.31 earnings per share for the current year.
Insider Buying and Selling at Cipher Mining
In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 356,881 shares of company stock worth $2,388,389 over the last three months. Insiders own 2.25% of the company’s stock.
Hedge Funds Weigh In On Cipher Mining
A number of hedge funds have recently modified their holdings of CIFR. Victory Capital Management Inc. raised its position in Cipher Mining by 8.8% in the 3rd 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. Vima LLC raised its holdings in shares of Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares during the last quarter. Verition Fund Management LLC raised its holdings in shares of Cipher Mining by 30.7% in the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after buying an additional 3,086 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC grew its holdings in shares of Cipher Mining by 33.3% during the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after buying an additional 5,000 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other 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.
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