Arete Begins Coverage on Cipher Mining (NASDAQ:CIFR)

Analysts at Arete started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $24.00 price target on the stock. Arete’s price target would suggest a potential upside of 69.61% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Jones Trading assumed coverage on Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating for the company. Compass Point assumed coverage on Cipher Mining in a report on Monday, September 15th. They issued a “buy” rating for the company. Canaccord Genuity Group lifted their price target on Cipher Mining from $9.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Macquarie lifted their price target on Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, Cantor Fitzgerald lifted their price target on Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $9.70.

Cipher Mining Stock Up 1.4%

Shares of NASDAQ:CIFR opened at $14.15 on Wednesday. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $14.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The company’s fifty day moving average is $7.38 and its 200-day moving average is $4.83. The company has a market capitalization of $5.56 billion, a PE ratio of -32.91 and a beta of 2.75.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The company had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Equities research analysts predict that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 900,000 shares of the company’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $12.85, for a total value of $11,565,000.00. Following the completion of the sale, the insider directly owned 76,742,259 shares of the company’s stock, valued at $986,138,028.15. This represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 44,870 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer directly owned 1,044,390 shares of the company’s stock, valued at approximately $11,279,412. This trade represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,411,532 shares of company stock valued at $114,151,642. 2.89% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

A number of large investors have recently bought and sold shares of CIFR. Millennium Management LLC bought a new stake in Cipher Mining during the 1st quarter worth approximately $9,316,000. Alyeska Investment Group L.P. bought a new stake in Cipher Mining during the 1st quarter worth approximately $7,094,000. Helix Partners Management LP increased its stake in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after purchasing an additional 2,153,058 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Cipher Mining by 996.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock worth $10,645,000 after purchasing an additional 2,023,994 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.