Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Cipher Mining Inc. has received an average analyst rating of "Moderate Buy" from fifteen analysts, with a 12-month price target averaging $15.23.
• Major shareholder Holding Ltd V3 sold over 3.5 million shares at an average price of $12.36, representing a 4.68% decrease in their position.
• The company reported negative earnings per share (EPS) of ($0.12) last quarter, meeting analysts' estimates, while total revenue fell short of expectations at $43.57 million.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have earned an average rating of "Moderate Buy" from the fifteen analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $15.2273.

CIFR has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Weiss Ratings reiterated a "sell (d)" rating on shares of Cipher Mining in a research report on Saturday, September 27th. HC Wainwright increased their target price on Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Arete initiated coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 target price for the company. Finally, Macquarie increased their target price on Cipher Mining from $8.00 to $16.00 and gave the company an "outperform" rating in a research report on Monday, September 29th.

Cipher Mining Trading Up 6.4%

Shares of CIFR opened at $14.70 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $15.78. The company has a 50 day simple moving average of $8.41 and a two-hundred day simple moving average of $5.36. The firm has a market cap of $5.78 billion, a P/E ratio of -34.19 and a beta of 2.87.

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

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 20,901,254 shares of company stock worth $210,570,720. 2.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its position 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 worth $34,621,000 after buying an additional 1,108,850 shares during the last quarter. Tidal Investments LLC lifted its position in Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock worth $33,386,000 after buying an additional 1,541,138 shares during the last quarter. Vident Advisory LLC lifted its position in Cipher Mining by 11.9% in the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after buying an additional 503,694 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after buying an additional 1,610,073 shares during the last quarter. Finally, Helix Partners Management LP lifted its position in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after buying an additional 2,153,058 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

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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