Cipher Mining Inc. (NASDAQ:CIFR) Receives $24.73 Consensus Target Price from Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $24.7308.

A number of research firms have commented on CIFR. Rosenblatt Securities upped their price objective on shares of Cipher Mining to $33.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Arete Research began coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Finally, Northland Securities set a $27.50 target price on Cipher Mining in a report on Tuesday, November 4th.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $18.13 on Monday. The stock’s fifty day simple moving average is $17.02 and its 200 day simple moving average is $12.84. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of -100.72 and a beta of 2.94. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $25.52.

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

Insider Transactions at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 35,569 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $15.08, for a total value of $536,380.52. Following the transaction, the chief operating officer owned 1,151,770 shares in the company, valued at $17,368,691.60. This represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cary M. Grossman sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $19.00, for a total transaction of $475,000.00. Following the completion of the sale, the director directly owned 200,530 shares of the company’s stock, valued at $3,810,070. This trade represents a 11.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 408,549 shares of company stock worth $7,708,644. 2.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 13.4% in the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after acquiring an additional 2,699,717 shares during the last quarter. Geode Capital Management LLC grew its stake in Cipher Mining by 18.1% in the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock valued at $34,621,000 after purchasing an additional 1,108,850 shares in the last quarter. Tidal Investments LLC increased its position in Cipher Mining by 28.3% in the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock worth $33,386,000 after purchasing an additional 1,541,138 shares during the last quarter. Invesco Ltd. increased its position in Cipher Mining by 40.0% in the 3rd quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock worth $86,268,000 after purchasing an additional 1,958,385 shares during the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Cipher Mining by 64.9% during the 3rd quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock worth $84,937,000 after purchasing an additional 2,655,015 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.