Cipher Mining Inc. (NASDAQ:CIFR) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) has been rated with a "Moderate Buy" by analysts, with twelve firms covering the stock, including nine buy recommendations and one strong buy.
• The average twelve-month price target for Cipher Mining shares is $7.56, with recent analyst targets ranging from $5.50 to $8.00.
• Insider transactions revealed significant selling activity, with major shareholders selling over 1.16 million shares worth approximately $7.17 million in recent months.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have earned a consensus rating of "Moderate Buy" from the twelve analysts that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $7.5556.

A number of equities analysts recently issued reports on the company. Macquarie increased their target price on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Canaccord Genuity Group reiterated a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Jones Trading began coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company.

Cipher Mining Trading Down 4.5%

NASDAQ:CIFR traded down $0.2730 during trading hours on Friday, hitting $5.7770. 12,682,513 shares of the company were exchanged, compared to its average volume of 21,077,584. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The company has a fifty day simple moving average of $5.20 and a 200 day simple moving average of $4.13. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -13.45 and a beta of 2.73. Cipher Mining has a one year low of $1.86 and a one year high of $7.77.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting 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 for the quarter, compared to the consensus estimate of $51.89 million. Sell-side analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the completion of the sale, the insider directly owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holding Ltd V3 sold 500,000 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $6.19, for a total value of $3,095,000.00. Following the sale, the insider directly owned 91,378,292 shares of the company's stock, valued at approximately $565,631,627.48. This represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,314,323 shares of company stock worth $32,144,964 over the last ninety days. Insiders own 2.89% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently modified their holdings of the stock. Nomura Holdings Inc. bought a new stake in Cipher Mining in the 2nd 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 worth $152,000 after purchasing an additional 9,295 shares in the last quarter. Northern Right Capital Management L.P. bought a new position in shares of Cipher Mining in the 2nd quarter worth $846,000. Tidal Investments LLC raised its position in 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 purchasing an additional 1,541,138 shares in the last quarter. Finally, Rafferty Asset Management LLC bought a new stake in Cipher Mining in the 2nd quarter worth approximately $54,000. 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.