Cipher Mining (NASDAQ:CIFR) Given Buy Rating at Rosenblatt Securities

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They presently have a $24.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 63.60% from the company’s previous close.

Several other analysts also recently weighed in on the stock. 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. Wells Fargo & Company set a $18.00 price objective on Cipher Mining in a report on Monday, November 24th. Citizens Jmp set a $30.00 target price on Cipher Mining in a report on Wednesday, November 19th. Zacks Research lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Finally, Needham & Company LLC lowered their price objective on shares of Cipher Mining to $22.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.68.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $14.67 on Thursday. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $25.52. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of -6.79 and a beta of 2.96. The firm’s 50-day moving average is $16.13 and its 200 day moving average is $16.02.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the transaction, the chief operating officer owned 1,512,644 shares in the company, valued at $26,864,557.44. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wesley Hastie Williams sold 49,867 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $16.08, for a total transaction of $801,861.36. Following the completion of the transaction, the director directly owned 158,145 shares of the company’s stock, valued at $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 152,417 shares of company stock valued at $2,494,174 in the last ninety days. Corporate insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC purchased a new position in shares of Cipher Mining during the 1st quarter valued at approximately $9,316,000. Goldman Sachs Group Inc. grew its position in Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after buying an additional 1,610,073 shares during the period. ProShare Advisors LLC grew its position in Cipher Mining by 24.0% during the second quarter. ProShare Advisors LLC now owns 54,387 shares of the company’s stock valued at $260,000 after buying an additional 10,543 shares during the period. Geode Capital Management LLC increased its holdings 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 buying an additional 1,108,850 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its holdings in Cipher Mining by 32.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 60,235 shares of the company’s stock valued at $288,000 after buying an additional 14,649 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.