Cipher Mining (NASDAQ:CIFR) Price Target Raised to $9.00

Cipher Mining (NASDAQ:CIFR) had its price target raised by stock analysts at BTIG Research from $6.00 to $9.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective points to a potential upside of 35.75% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Northland Securities initiated coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Macquarie raised their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Compass Point lifted their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $7.72.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $6.63 on Friday. The company has a market cap of $2.31 billion, a P/E ratio of -51.00 and a beta of 2.18. The firm has a fifty day moving average price of $4.61 and a 200 day moving average price of $4.43. 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.

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

Insiders Place Their Bets

In other news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 19.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s 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 sale, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The trade was a 1.80 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,296,839 shares of company stock valued at $25,974,602. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the business. Amalgamated Bank boosted its stake in shares of 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 buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining during the 3rd quarter worth $33,000. Xponance Inc. acquired a new position in shares of Cipher Mining during the 2nd quarter worth $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining in the 3rd quarter valued at about $45,000. Finally, Prospect Financial Services LLC purchased a new position in shares of Cipher Mining in the 3rd quarter valued at about $47,000. 12.26% of the stock is 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.