Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $7.42

Cipher Mining Inc. (NASDAQ:CIFR) has earned an average recommendation of “Buy” from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $7.42.

CIFR has been the subject of several recent analyst reports. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. HC Wainwright lifted their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Needham & Company LLC raised their price objective on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Compass Point upped their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Thursday, August 29th.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $2.89 on Friday. 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 company has a 50-day moving average price of $4.56 and a 200 day moving average price of $4.22. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a market cap of $895.98 million, a P/E ratio of 48.00 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. 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 business earned ($0.05) earnings per share. Research analysts predict that Cipher Mining will post -0.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 336,377 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $4.58, for a total value of $1,540,606.66. Following the completion of the transaction, the insider now owns 115,145,728 shares of the company’s stock, valued at $527,367,434.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 3,803,507 shares of company stock valued at $18,463,085 in the last ninety days. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares during the last quarter. Millennium Management LLC boosted its position in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after acquiring an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp grew its holdings in Cipher Mining by 0.8% in the second quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after purchasing an additional 22,086 shares during the period. First Financial Bankshares Inc acquired a new position in Cipher Mining during the fourth quarter worth approximately $9,901,000. Finally, Vident Advisory LLC raised its stake in Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after purchasing an additional 1,090,811 shares during the period. 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.