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

Cipher Mining (NASDAQ:CIFR) had its target price boosted by Macquarie from $6.00 to $7.25 in a research note issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s target price points to a potential upside of 11.37% from the company’s current price.

A number of other equities research analysts have also weighed in on CIFR. Northland Securities assumed coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price objective on the stock. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Needham & Company LLC reissued a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, Compass Point upped their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $7.54.

Cipher Mining Price Performance

NASDAQ CIFR opened at $6.51 on Thursday. The firm’s fifty day simple moving average is $4.08 and its two-hundred day simple moving average is $4.31. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The firm has a market capitalization of $2.26 billion, a P/E ratio of -50.07 and a beta of 2.18.

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). The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period last year, the firm earned ($0.07) earnings per share. Analysts forecast that Cipher Mining will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares in the company, valued at approximately $3,135,173.47. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,943,078 shares of company stock worth $23,609,769 in the last 90 days. Insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds have recently bought and sold shares of the business. Amalgamated Bank raised its holdings in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at about $33,000. Xponance Inc. acquired a new stake in Cipher Mining in the 2nd quarter valued at about $45,000. W Advisors LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $47,000. 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.