Canaccord Genuity Group Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Key Points

• Canaccord Genuity Group has increased its price target for Cipher Mining (NASDAQ:CIFR) from $12.00 to $16.00, indicating a potential upside of 39.49% based on the stock's current price.
• Cipher Mining saw a decline in its stock price of 1.6%, with shares opening at $11.47 and a reported revenue of $43.57 million last quarter, falling short of analyst expectations.
• Insider activity has been notable, with major shareholders selling significant quantities of stock; one insider sold over 3.5 million shares, reducing ownership by 4.68%.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price objective upped by analysts at Canaccord Genuity Group from $12.00 to $16.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 39.49% from the company's current price.

Several other analysts have also issued reports on the stock. Compass Point assumed coverage on shares of Cipher Mining in a research report on Monday, September 15th. They set a "buy" rating on the stock. Macquarie increased their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. increased their price target on shares of Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a research report on Friday. Jones Trading began coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Finally, Rosenblatt Securities raised their target price on shares of Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a research report on Monday. Twelve equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $12.41.

Cipher Mining Stock Down 1.6%

Shares of CIFR opened at $11.47 on Monday. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $15.54. The firm's 50 day moving average is $7.75 and its 200-day moving average is $5.04. The stock has a market capitalization of $4.51 billion, a PE ratio of -26.67 and a beta of 2.75. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23.

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

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the firm's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the completion of the transaction, the insider owned 71,437,719 shares of the company's stock, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the transaction, the insider directly owned 93,667,437 shares of the company's stock, valued at $572,308,040.07. The trade was a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,816,072 shares of company stock valued at $170,436,757 in the last ninety days. Insiders own 2.89% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently bought and sold shares of CIFR. Millennium Management LLC acquired a new position in shares of Cipher Mining during the first quarter valued at about $9,316,000. Alyeska Investment Group L.P. acquired a new position in shares of Cipher Mining during the first quarter valued at about $7,094,000. Helix Partners Management LP grew its holdings in shares of Cipher Mining by 95.8% during the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after buying an additional 2,153,058 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Cipher Mining by 996.9% during the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock valued at $10,645,000 after buying an additional 2,023,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of 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 last quarter. Institutional investors own 12.26% of the company's stock.

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.

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