Macquarie Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price objective boosted by research analysts at Macquarie from $8.00 to $16.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price objective would indicate a potential upside of 30.13% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. Arete assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 24th. They set a “buy” rating and a $24.00 price target for the company. Northland Securities set a $14.50 price target on shares of Cipher Mining in a research note on Monday. HC Wainwright increased their price objective on shares of Cipher Mining from $7.50 to $17.00 and gave the stock a “buy” rating in a research report on Monday. Jones Trading started coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating for the company. Finally, Compass Point started coverage on shares of Cipher Mining in a research report on Monday, September 15th. They set a “buy” rating for the company. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Cipher Mining Trading Up 7.2%

Shares of CIFR stock traded up $0.83 during trading hours on Monday, hitting $12.30. 33,279,229 shares of the company’s stock traded hands, compared to its average volume of 24,693,258. The stock’s 50 day simple moving average is $7.75 and its 200 day simple moving average is $5.04. The stock has a market cap of $4.84 billion, a PE ratio of -28.57 and a beta of 2.75. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $15.54. 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 results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). The firm had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. On average, sell-side analysts anticipate that Cipher Mining will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,870 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $11,279,412. This trade represents a 4.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the firm’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the completion of the sale, the insider owned 71,437,719 shares of the company’s stock, valued at $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,816,072 shares of company stock valued at $170,436,757 over the last 90 days. Corporate insiders own 2.89% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the stock. Marex Group plc acquired a new stake in Cipher Mining in the second quarter worth $333,000. Nomura Holdings Inc. acquired a new position in shares of Cipher Mining during the second quarter valued at about $397,000. Tower Research Capital LLC TRC grew its holdings in shares of Cipher Mining by 41.4% during the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock valued at $152,000 after buying an additional 9,295 shares during the last quarter. Northern Right Capital Management L.P. acquired a new position in shares of Cipher Mining during the second quarter valued at about $846,000. Finally, Tidal Investments LLC grew its holdings in shares of Cipher Mining by 28.3% during the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after buying an additional 1,541,138 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

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.