Cipher Mining (NASDAQ:CIFR) Earns Outperform Rating from Analysts at Macquarie

Macquarie initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage issued an outperform rating and a $6.00 target price on the stock.

CIFR has been the topic of a number of other reports. Stifel Canada raised Cipher Mining to a strong-buy rating in a research note on Tuesday, August 6th. Cantor Fitzgerald restated an overweight rating and issued a $9.00 target price on shares of Cipher Mining in a report on Tuesday, September 3rd. HC Wainwright increased their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Canaccord Genuity Group reissued a buy rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Compass Point lifted 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. One analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining currently has an average rating of Buy and a consensus target price of $7.21.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $4.14 on Tuesday. The company has a 50-day simple moving average of $4.01 and a 200-day simple moving average of $4.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The company has a market cap of $1.28 billion, a PE ratio of 69.00 and a beta of 2.24. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million during 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. On average, equities analysts anticipate that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was 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 owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The disclosure for this sale can be found here. Insiders have sold 6,462,980 shares of company stock valued at $20,795,679 over the last three months. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Large investors have recently modified their holdings of the business. Amalgamated Bank lifted its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Cipher Mining in the 1st quarter valued at approximately $52,000. Xponance Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Cipher Mining during the first quarter worth approximately $59,000. Finally, SG Americas Securities LLC bought a new stake in shares of Cipher Mining in the first quarter worth $74,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.