Cipher Mining Inc. (NASDAQ:CIFR) Receives $7.63 Average Target Price from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have been assigned an average recommendation of "Buy" from the thirteen research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $7.63.

Several equities analysts recently commented on the company. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Needham & Company LLC cut their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Cantor Fitzgerald raised their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research report on Thursday, May 8th.

Cipher Mining Stock Performance

Shares of CIFR stock traded up $0.34 during mid-day trading on Thursday, reaching $4.19. The stock had a trading volume of 69,116,241 shares, compared to its average volume of 13,325,298. The firm's 50 day simple moving average is $3.38 and its 200 day simple moving average is $4.11. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01. Cipher Mining has a one year low of $1.86 and a one year high of $7.99. The firm has a market cap of $1.40 billion, a PE ratio of -11.64 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. On average, analysts forecast that Cipher Mining will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of the business. Rhumbline Advisers increased its stake in shares of Cipher Mining by 2.3% in the 1st quarter. Rhumbline Advisers now owns 276,376 shares of the company's stock valued at $636,000 after buying an additional 6,270 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after buying an additional 1,610,073 shares during the period. Millennium Management LLC acquired a new stake in shares of Cipher Mining in the 1st quarter valued at $9,316,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Cipher Mining by 14.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,046,843 shares of the company's stock valued at $4,708,000 after buying an additional 265,368 shares during the period. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Cipher Mining in the 1st quarter valued at $7,094,000. 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.