Cipher Mining (NASDAQ:CIFR) Given New $8.00 Price Target at Macquarie

Key Points

• Analysts at Macquarie have increased their price target for Cipher Mining (NASDAQ:CIFR) from $6.00 to $8.00, suggesting a potential upside of 68.60% from the stock's current price.
• The stock has received a majority of positive ratings, with ten analysts$7.70.
• In its latest earnings report, Cipher Mining reported negative earnings per share of ($0.12), matching analyst estimates but missing revenue expectations of $51.89 million.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price objective upped by analysts at Macquarie from $6.00 to $8.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Macquarie's price target would indicate a potential upside of 68.60% from the stock's current price.

A number of other equities research analysts have also recently issued reports on the stock. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Jones Trading began coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. Canaccord Genuity Group reissued a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Thursday, May 8th. Finally, Cantor Fitzgerald lifted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $7.70.

Cipher Mining Stock Performance

CIFR stock traded down $0.13 during trading on Friday, reaching $4.75. The company had a trading volume of 18,348,286 shares, compared to its average volume of 20,977,082. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -13.18 and a beta of 2.73. The firm has a 50-day simple moving average of $4.98 and a 200-day simple moving average of $4.15. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $7.77.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The firm had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. As a group, sell-side analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 500,000 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $6.19, for a total transaction of $3,095,000.00. Following the transaction, the insider owned 91,378,292 shares of the company's stock, valued at approximately $565,631,627.48. The trade was a 0.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the business's stock in a transaction dated 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 owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,314,323 shares of company stock worth $32,144,964. Corporate insiders own 2.89% of the company's stock.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC acquired a new position in Cipher Mining in the fourth quarter valued at approximately $29,000. Stoneridge Investment Partners LLC acquired 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 acquiring an additional 4,800 shares during the period. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining in the first quarter valued at approximately $37,000. Finally, Signal Advisors Wealth LLC acquired a new stake in shares of Cipher Mining in the second quarter valued at approximately $48,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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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