Cipher Mining (NASDAQ:CIFR) Price Target Raised to $14.00

Cipher Mining (NASDAQ:CIFR) had its price objective hoisted by Rosenblatt Securities from $9.00 to $14.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently commented on CIFR. Canaccord Genuity Group increased their price target on shares of Cipher Mining from $9.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Arete Research began coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price target for the company. Jones Trading began coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating for the company. Cantor Fitzgerald increased their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Thursday, June 5th. Finally, Macquarie increased their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.23.

Cipher Mining Stock Up 0.1%

CIFR opened at $12.60 on Monday. The firm has a 50-day simple moving average of $8.11 and a two-hundred day simple moving average of $5.21. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $15.54. The company has a market capitalization of $4.96 billion, a PE ratio of -29.30 and a beta of 2.87. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data 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 business had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Analysts forecast that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the firm’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $12.08, for a total value of $24,160,000.00. Following the completion of the sale, the insider owned 67,852,537 shares of the company’s stock, valued at $819,658,646.96. This trade represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 44,870 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $10.80, for a total transaction 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. The trade was a 4.12% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,901,254 shares of company stock valued at $210,570,720. 2.89% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Several institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its stake in Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after purchasing an additional 2,754 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Cipher Mining by 7.9% during the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock worth $183,000 after acquiring an additional 2,812 shares during the period. Wellington Management Group LLP increased its position in shares of Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock worth $64,000 after acquiring an additional 2,940 shares during the period. DLK Investment Management LLC increased its position in shares of Cipher Mining by 18.4% during the second quarter. DLK Investment Management LLC now owns 19,300 shares of the company’s stock worth $92,000 after acquiring an additional 3,000 shares during the period. Finally, SBI Securities Co. Ltd. increased its position in shares of Cipher Mining by 13.0% during the first quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company’s stock worth $69,000 after acquiring an additional 3,455 shares during the period. Institutional investors own 12.26% of the company’s stock.

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.