Cipher Mining (NASDAQ:CIFR) Stock Price Expected to Rise, Macquarie Analyst Says

Cipher Mining (NASDAQ:CIFR) had its price objective increased by analysts at Macquarie from $6.00 to $7.25 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s price target indicates a potential upside of 11.37% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Compass Point lifted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $7.54.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $6.51 on Thursday. 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 52 week low of $2.15 and a 52 week high of $7.99. The stock has a market capitalization of $2.26 billion, a PE ratio of -50.07 and a beta of 2.18. The firm has a 50 day moving average of $4.08 and a two-hundred day moving average of $4.31.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. On average, research analysts predict that Cipher Mining will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction dated Friday, September 6th. The shares were 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 approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,943,078 shares of company stock valued at $23,609,769. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank raised its holdings in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter worth about $33,000. Janney Montgomery Scott LLC acquired a new stake in shares of Cipher Mining in the 1st quarter worth about $52,000. Xponance Inc. acquired a new stake in shares of Cipher Mining in the 2nd quarter worth about $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Cipher Mining in the 1st quarter worth about $59,000. 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.