Macquarie Initiates Coverage on Cipher Mining (NASDAQ:CIFR)

Macquarie assumed coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $6.00 price objective on the stock.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group reissued a buy rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Needham & Company LLC raised their target price 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 price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a buy rating in a research report on Thursday, August 15th. Cantor Fitzgerald reiterated an overweight rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Tuesday, September 3rd. Finally, Stifel Canada raised shares of Cipher Mining to a strong-buy rating in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of Buy and a consensus target price of $7.21.

Cipher Mining Stock Up 7.3 %

CIFR stock opened at $4.14 on Tuesday. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 69.00 and a beta of 2.24. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99. The firm has a fifty day moving average price of $4.01 and a two-hundred day moving average price 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.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data 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 net margin of 11.43% and a return on equity of 3.41%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. Research analysts predict that Cipher Mining will post -0.05 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the sale, the insider now directly owns 109,911,187 shares in the company, valued at approximately $684,746,695.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now owns 109,911,187 shares in the company, valued at $684,746,695.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,462,980 shares of company stock valued at $20,795,679. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors have recently modified their holdings of the company. Hel Ved Capital Management Ltd bought a new stake in Cipher Mining in the fourth quarter worth about $1,310,000. First Financial Bankshares Inc bought a new stake in shares of Cipher Mining in the 4th quarter worth approximately $9,901,000. Shariaportfolio Inc. acquired a new stake in Cipher Mining during the fourth quarter valued at approximately $2,460,000. Cantor Fitzgerald L. P. bought a new stake in Cipher Mining during the fourth quarter worth approximately $747,000. Finally, Virtu Financial LLC acquired a new position in Cipher Mining in the fourth quarter worth approximately $202,000. 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.