Cipher Mining (NASDAQ:CIFR) Given New $17.00 Price Target at HC Wainwright

Key Points

• HC Wainwright raised its price target for Cipher Mining (NASDAQ:CIFR) from $7.50 to $17.00, indicating a potential upside of 37.14% from the stock's current price.
• The company's shares have been trading positively, with an 8.1% increase, reaching a price of $12.40 during midday trading.
• In recent transactions, major shareholder Bitfury sold 667,010 shares, decreasing their position by 0.71% while still retaining a substantial ownership stake valued at over $572 million.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price target upped by analysts at HC Wainwright from $7.50 to $17.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price target points to a potential upside of 37.14% from the stock's current price.

Several other equities analysts have also recently weighed in on CIFR. Macquarie boosted their price objective on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Canaccord Genuity Group upped their price target on Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a report on Monday. Rosenblatt Securities upped their price objective on Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a research note on Monday. Arete initiated coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price target on the stock. Finally, 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 report on Thursday, June 5th. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $13.77.

Cipher Mining Trading Up 8.1%

Shares of NASDAQ:CIFR traded up $0.93 during midday trading on Monday, reaching $12.40. The company had a trading volume of 29,367,949 shares, compared to its average volume of 24,676,326. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $15.54. The firm has a market cap of $4.88 billion, a price-to-earnings ratio of -28.89 and a beta of 2.75. The company has a fifty day simple moving average of $7.75 and a two-hundred day simple moving average of $5.04.

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 for the quarter, meeting 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. Research analysts predict that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of Cipher Mining stock in a transaction on Monday, July 14th. The shares were 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. The trade was a 0.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares of the company's stock, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,816,072 shares of company stock worth $170,436,757. 2.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently made changes to their positions in the company. Helix Partners Management LP raised its position in shares of Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after purchasing an additional 2,153,058 shares during the period. Impact Partnership Wealth LLC purchased a new stake in Cipher Mining in the 1st quarter valued at about $109,000. SRN Advisors LLC raised its stake in shares of Cipher Mining by 42.1% during the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company's stock worth $654,000 after acquiring an additional 84,148 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Cipher Mining by 5.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company's stock valued at $7,635,000 after purchasing an additional 180,010 shares in the last quarter. Finally, Maridea Wealth Management LLC boosted its holdings in shares of Cipher Mining by 169.5% in the 1st quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company's stock valued at $1,269,000 after acquiring an additional 346,911 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

About Cipher Mining

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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