Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Recommendation of "Buy" from Brokerages

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) has earned an average recommendation of "Buy" from the thirteen ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $8.03.

Several research firms have commented on CIFR. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Cantor Fitzgerald reduced their target price on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reduced their target price on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th.

Cipher Mining Price Performance

CIFR stock traded up $0.31 during trading on Friday, hitting $3.74. 33,599,761 shares of the company's stock traded hands, compared to its average volume of 12,387,292. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The business has a fifty day simple moving average of $2.93 and a 200 day simple moving average of $4.38. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -28.77 and a beta of 2.61.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $48.96 million during the quarter, compared to analyst estimates of $53.57 million. As a group, research analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. V3 Holding Ltd purchased a new position in Cipher Mining in the 4th quarter worth about $452,713,000. Vanguard Group Inc. increased its stake in Cipher Mining by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock worth $84,318,000 after buying an additional 1,189,756 shares during the period. Invesco Ltd. increased its stake in Cipher Mining by 16.7% in the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company's stock worth $29,899,000 after buying an additional 924,262 shares during the period. Geode Capital Management LLC increased its stake in Cipher Mining by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company's stock worth $26,583,000 after buying an additional 218,137 shares during the period. Finally, Vident Advisory LLC increased its stake in Cipher Mining by 11.9% in the 1st 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 period. Hedge funds and other 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.