Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned an average rating of “Moderate Buy” from the fifteen analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $24.7308.

Several brokerages have commented on CIFR. Rosenblatt Securities raised their price target on shares of Cipher Mining to $33.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Wells Fargo & Company set a $18.00 price objective on Cipher Mining in a research note on Monday, November 24th. BTIG Research restated a “buy” rating and set a $25.00 target price on shares of Cipher Mining in a research report on Wednesday, November 5th. Citigroup initiated coverage on Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Finally, Northland Securities set a $27.50 price objective on Cipher Mining in a report on Tuesday, November 4th.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 3,504,540 shares of Cipher Mining stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the completion of the sale, the insider owned 71,437,719 shares of the company’s stock, valued at $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Iwaschuk sold 173,094 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total value of $3,898,076.88. Following the transaction, the insider directly owned 1,054,488 shares in the company, valued at approximately $23,747,069.76. This represents a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 14,689,007 shares of company stock valued at $223,279,679. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. JPMorgan Chase & Co. grew its stake in shares of Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock worth $10,645,000 after purchasing an additional 2,023,994 shares during the last quarter. Helix Partners Management LP lifted its position in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock valued at $10,120,000 after acquiring an additional 2,153,058 shares during the period. Greenleaf Trust purchased a new stake in Cipher Mining in the second quarter worth about $108,000. Legal & General Group Plc lifted its holdings in shares of Cipher Mining by 33.4% during the second quarter. Legal & General Group Plc now owns 298,446 shares of the company’s stock valued at $1,427,000 after purchasing an additional 74,744 shares during the last quarter. Finally, SRN Advisors LLC grew its stake in shares of Cipher Mining by 42.1% in the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock worth $654,000 after buying an additional 84,148 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Down 4.0%

Shares of NASDAQ CIFR opened at $14.39 on Thursday. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The company has a market cap of $5.69 billion, a P/E ratio of -79.94 and a beta of 2.91. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $25.52. The business has a 50-day simple moving average of $18.39 and a two-hundred day simple moving average of $11.10.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $106.69 million for the quarter, compared to the consensus estimate of $79.13 million. Research analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

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.