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

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have received an average rating of "Buy" from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $7.63.

Several equities analysts have commented on CIFR shares. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Cantor Fitzgerald raised their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a report on Thursday, May 8th.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC acquired a new stake in shares of Cipher Mining in the 4th quarter valued at approximately $29,000. Stoneridge Investment Partners LLC acquired a new stake in shares of Cipher Mining in the 1st quarter valued at approximately $29,000. FNY Investment Advisers LLC boosted its stake in shares of Cipher Mining by 42.9% in the 1st 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 in the last quarter. Valeo Financial Advisors LLC acquired a new stake in Cipher Mining during the 1st quarter worth approximately $37,000. Finally, Rafferty Asset Management LLC acquired a new stake in Cipher Mining during the 4th quarter worth approximately $49,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

NASDAQ:CIFR traded up $0.07 during mid-day trading on Thursday, reaching $4.26. 73,489,925 shares of the company's stock were exchanged, compared to its average volume of 13,542,091. Cipher Mining has a one year low of $1.86 and a one year high of $7.99. The firm has a market capitalization of $1.43 billion, a PE ratio of -11.83 and a beta of 2.58. The business's fifty day simple moving average is $3.45 and its two-hundred day simple moving average is $4.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting analysts' consensus estimates of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The business had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal 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.