Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Rating of "Buy" from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have been assigned a consensus rating of "Buy" from the thirteen brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $8.03.

A number of equities analysts have recently weighed in on CIFR shares. Cantor Fitzgerald cut their price target on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a report 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 report on Wednesday, February 26th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Canaccord Genuity Group restated a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a report on Thursday. Finally, 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.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. Nisa Investment Advisors LLC increased its position in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock worth $28,000 after purchasing an additional 5,432 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth about $29,000. FNY Investment Advisers LLC boosted its position 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 worth $36,000 after buying 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 worth about $37,000. Finally, KBC Group NV purchased a new stake in shares of Cipher Mining in the fourth quarter worth about $46,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Price Performance

CIFR stock traded up $0.28 during midday trading on Wednesday, hitting $3.26. 3,524,063 shares of the stock were exchanged, compared to its average volume of 11,207,351. The stock's 50-day moving average price is $2.80 and its 200-day moving average price is $4.69. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -24.96 and a beta of 2.61. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two 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.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. Research analysts predict that Cipher Mining will post -0.31 earnings per share 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.