Macquarie Forecasts Strong Price Appreciation for Cipher Mining (NASDAQ:CIFR) Stock

Cipher Mining (NASDAQ:CIFR) had its price objective raised by research analysts at Macquarie from $6.00 to $7.25 in a report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price target would suggest a potential upside of 1.26% from the stock’s current price.

Other equities analysts have also issued reports about the company. Compass Point lifted their price objective on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Northland Securities started coverage on Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average target price of $7.54.

Cipher Mining Stock Up 3.0 %

NASDAQ:CIFR traded up $0.21 during mid-day trading on Thursday, reaching $7.16. The company’s stock had a trading volume of 13,830,078 shares, compared to its average volume of 11,344,318. The company’s fifty day simple moving average is $4.22 and its two-hundred day simple moving average is $4.35. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the business posted ($0.07) earnings per share. On average, equities research analysts anticipate that Cipher Mining will post -0.06 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was 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 $284,812,050.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,135,173.47. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,943,678 shares of company stock worth $23,613,969. 2.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the period. Dark Forest Capital Management LP acquired a new position in Cipher Mining during the 2nd quarter valued at approximately $1,332,000. Swiss National Bank boosted its position in Cipher Mining by 27.0% during the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares during the period. Bank of New York Mellon Corp boosted its position in Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after purchasing an additional 389,079 shares during the period. Finally, Duncan Williams Asset Management LLC acquired a new position in Cipher Mining during the 3rd quarter valued at approximately $553,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.