Cipher Mining (NASDAQ:CIFR) Price Target Raised to $30.00

Cipher Mining (NASDAQ:CIFR) had its price target raised by equities research analysts at HC Wainwright from $25.00 to $30.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective would indicate a potential upside of 35.75% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 11th. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Morgan Stanley restated an “overweight” rating and issued a $40.50 price objective on shares of Cipher Mining in a research note on Monday, April 27th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Cipher Mining in a research note on Wednesday, March 25th. Finally, Cantor Fitzgerald decreased their price objective on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $25.36.

Cipher Mining Stock Performance

Shares of CIFR opened at $22.10 on Wednesday. The stock has a 50 day moving average price of $15.79 and a 200 day moving average price of $16.80. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of -10.23 and a beta of 3.13. Cipher Mining has a 52-week low of $2.88 and a 52-week high of $25.52.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 367.17% and a negative return on equity of 107.05%. The company had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. The business’s revenue was down 28.8% compared to the same quarter last year. Research analysts predict that Cipher Mining will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, Director James E. Newsome sold 45,161 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total value of $710,834.14. Following the completion of the sale, the director directly owned 127,331 shares of the company’s stock, valued at approximately $2,004,189.94. This represents a 26.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $14.98, for a total transaction of $532,808.64. Following the completion of the sale, the chief operating officer directly owned 1,441,508 shares of the company’s stock, valued at $21,593,789.84. The trade was a 2.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 148,229 shares of company stock valued at $2,283,968 over the last ninety days. 2.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Abel Hall LLC raised its holdings in shares of Cipher Mining by 3.8% in the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after buying an additional 739 shares during the last quarter. CWM LLC raised its holdings in shares of Cipher Mining by 43.3% in the fourth quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after buying an additional 804 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of Cipher Mining by 6.7% in the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after buying an additional 980 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after buying an additional 1,286 shares during the last quarter. Finally, Arax Advisory Partners lifted its stake in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

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.