Arete Research Begins Coverage on Cipher Mining (NASDAQ:CIFR)

Key Points

• Arete Research has initiated coverage on Cipher Mining (NASDAQ:CIFR) with a "buy" rating and a price target of $24.00, indicating a potential upside of 69.61% from the current stock price.
• Multiple analysts have rated Cipher Mining positively, with one assigning a Strong Buy and others providing a consensus price target of $11.00, while the stock is currently trading around $14.15.
• Recent insider transactions included a major shareholder selling 900,000 shares for approximately $8.98 million, reflecting a 1.06% decrease in their position in Cipher Mining.

Stock analysts at Arete Research initiated coverage on shares of Cipher Mining (NASDAQ:CIFR - Get Free Report) in a research note issued on Wednesday,Benzinga reports. The firm set a "buy" rating and a $24.00 price target on the stock. Arete Research's target price suggests a potential upside of 69.61% from the stock's current price.

CIFR has been the topic of a number of other reports. Arete began coverage on shares of Cipher Mining in a research report on Wednesday. They issued a "buy" rating and a $24.00 target price on the stock. Canaccord Genuity Group increased their price objective on Cipher Mining from $9.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Compass Point started coverage on Cipher Mining in a report on Monday, September 15th. They issued a "buy" rating on the stock. Macquarie increased their target price 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 increased their target price on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.00.

Cipher Mining Trading Up 1.4%

NASDAQ CIFR opened at $14.15 on Wednesday. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of -32.91 and a beta of 2.75. Cipher Mining has a one year low of $1.86 and a one year high of $14.73. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The business's fifty day moving average is $7.38 and its 200-day moving average is $4.83.

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

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 900,000 shares of Cipher Mining stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $9.98, for a total transaction of $8,982,000.00. Following the transaction, the insider directly owned 83,942,259 shares of the company's stock, valued at $837,743,744.82. The trade was a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of Cipher Mining stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $6.11, for a total value of $4,075,431.10. Following the transaction, the insider directly owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. The trade was a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,411,532 shares of company stock worth $114,151,642. Insiders own 2.89% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC lifted its holdings in Cipher Mining by 258.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock worth $43,000 after purchasing an additional 6,516 shares in the last quarter. Signal Advisors Wealth LLC purchased a new position in Cipher Mining in the 2nd quarter worth approximately $48,000. Custos Family Office LLC purchased a new position in Cipher Mining in the 2nd quarter worth approximately $48,000. Maripau Wealth Management LLC purchased a new position in Cipher Mining in the 2nd quarter worth approximately $48,000. Finally, Rafferty Asset Management LLC purchased a new position in Cipher Mining in the 2nd quarter worth approximately $54,000. 12.26% of the stock is owned by hedge funds and other 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.

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