Cipher Mining Inc. (NASDAQ:CIFR) Receives $28.31 Consensus Price Target from Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given an average recommendation of “Moderate Buy” by the nineteen analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, fifteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $28.3125.

A number of research analysts have issued reports on the company. HC Wainwright lifted their price objective on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Keefe, Bruyette & Woods lifted their price target on Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Finally, BTIG Research upped their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th.

Insiders Place Their Bets

In other news, CEO Tyler Page sold 112,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. Grossman sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total transaction of $436,400.00. Following the sale, the director owned 150,530 shares in the company, valued at approximately $3,284,564.60. The trade was a 11.73% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 3,245,336 shares of company stock valued at $83,803,938. 2.63% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining during the third quarter valued at $70,524,000. Value Aligned Research Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter worth about $64,266,000. Situational Awareness LP raised its position in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after buying an additional 4,728,600 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Cipher Mining by 3,718.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock valued at $63,359,000 after acquiring an additional 4,180,362 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $22.11 on Monday. Cipher Mining has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The company has a 50 day simple moving average of $23.17 and a two-hundred day simple moving average of $18.55. The company has a market capitalization of $9.04 billion, a price-to-earnings ratio of -9.49 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. Analysts expect that Cipher Mining will post -0.8 EPS for the current fiscal year.

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.