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

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) has been assigned a consensus recommendation of "Moderate Buy" by twelve brokerage firms, with a 12-month price target averaging $7.67.
• Insider trading activity has seen significant sell-offs, including 75,000 shares sold by Director Cary M. Grossman and 600,000 shares sold by major shareholder Holding Ltd V3, indicating potential concerns about ownership levels.
• Despite a reported revenue of $43.57 million last quarter, Cipher Mining's earnings per share (EPS) hit analysts' estimates at ($0.12), with predictions of a negative EPS of ($0.31) for the current year.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twelve research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $7.6667.

CIFR has been the subject of a number of research analyst reports. Cantor Fitzgerald raised their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Canaccord Genuity Group raised their price target on Cipher Mining from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Macquarie raised their price target on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They set a "hold" rating for the company.

Insiders Place Their Bets

In related news, Director Cary M. Grossman sold 75,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $5.89, for a total value of $441,750.00. Following the completion of the sale, the director owned 225,530 shares in the company, valued at approximately $1,328,371.70. The trade was a 24.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holding Ltd V3 sold 600,000 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $7.38, for a total value of $4,428,000.00. Following the completion of the sale, the insider owned 86,042,259 shares of the company's stock, valued at $634,991,871.42. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,366,662 shares of company stock valued at $47,646,046 over the last quarter. 2.89% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

A number of large investors have recently modified their holdings of CIFR. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at approximately $29,000. FNY Investment Advisers LLC boosted its holdings in shares of Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after purchasing an additional 4,800 shares during the period. Valeo Financial Advisors LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at approximately $37,000. Steward Partners Investment Advisory LLC boosted its holdings in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after purchasing an additional 6,516 shares during the period. Finally, Signal Advisors Wealth LLC purchased a new stake in shares of Cipher Mining in the 2nd quarter worth approximately $48,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Trading Up 2.7%

CIFR opened at $7.72 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The stock's 50 day moving average price is $6.13 and its 200-day moving average price is $4.26. Cipher Mining has a one year low of $1.86 and a one year high of $8.78. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -17.95 and a beta of 2.75.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) 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 firm had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. On average, equities analysts forecast that Cipher Mining will post -0.31 EPS for the current year.

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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