Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $8.03

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned an average recommendation of “Buy” from the thirteen brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $8.03.

CIFR has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. Cantor Fitzgerald cut their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a research report on Wednesday, May 7th. Finally, Needham & Company LLC decreased their price target on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CIFR. Nisa Investment Advisors LLC increased its position in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Cipher Mining in the fourth quarter valued at $29,000. Stoneridge Investment Partners LLC bought a new position in shares of Cipher Mining in the first quarter valued at $29,000. FNY Investment Advisers LLC increased its holdings in Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock worth $36,000 after buying an additional 4,800 shares during the last quarter. Finally, Valeo Financial Advisors LLC bought a new stake in Cipher Mining during the first quarter worth $37,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $3.43 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $7.99. The company’s 50 day moving average price is $2.90 and its two-hundred day moving average price is $4.39. The company has a market capitalization of $1.15 billion, a P/E ratio of -26.38 and a beta of 2.61.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. On average, analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

About Cipher Mining

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.