Cipher Mining (NASDAQ:CIFR) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity Group has raised its price target for Cipher Mining (NASDAQ:CIFR) from $8.00 to $9.00, suggesting a potential upside of 56.25%.
• Recent earnings reports indicate Cipher Mining missed revenue expectations, reporting $43.57 million in revenue versus analysts' predictions of $51.89 million.
• Insider selling has been observed, with major shareholders offloading significant shares, decreasing their ownership by 0.41% and 0.31% respectively.

Cipher Mining (NASDAQ:CIFR - Free Report) had its price objective boosted by Canaccord Genuity Group from $8.00 to $9.00 in a research note released on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other brokerages also recently issued reports on CIFR. Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company. Cantor Fitzgerald increased their price objective on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Macquarie increased their price objective on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Trading Up 8.1%

Shares of NASDAQ:CIFR traded up $0.48 during midday trading on Tuesday, reaching $6.38. The company had a trading volume of 23,064,209 shares, compared to its average volume of 21,132,764. 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 $7.77. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -14.84 and a beta of 2.73. The company has a fifty day simple moving average of $5.36 and a two-hundred day simple moving average of $4.14.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The firm had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. Research analysts predict that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 500,000 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $6.19, for a total value of $3,095,000.00. Following the transaction, the insider directly owned 91,378,292 shares in the company, valued at approximately $565,631,627.48. This represents a 0.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,466,662 shares of company stock worth $33,020,046. 2.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. V3 Holding Ltd acquired a new position in shares of Cipher Mining during the 4th quarter valued at about $452,713,000. Geode Capital Management LLC grew its holdings in Cipher Mining by 18.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock valued at $34,621,000 after buying an additional 1,108,850 shares during the last quarter. Tidal Investments LLC grew its holdings in Cipher Mining by 28.3% in the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock valued at $33,386,000 after buying an additional 1,541,138 shares during the last quarter. Vident Advisory LLC grew its holdings in Cipher Mining by 11.9% in the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock valued at $10,934,000 after buying an additional 503,694 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in 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 last quarter. Institutional investors and hedge funds 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.