Cipher Mining (NASDAQ:CIFR) Price Target Raised to $9.00

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 - Get Free Report) had its price objective increased by equities researchers at Canaccord Genuity Group from $8.00 to $9.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 56.25% from the company's current price.

CIFR has been the subject of a number of other research reports. Cantor Fitzgerald raised their price objective 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. Jones Trading assumed coverage on Cipher Mining in a report on Monday, July 21st. They set a "hold" rating on the stock. Macquarie upped their price objective on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Rosenblatt Securities reiterated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. Finally, HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $7.67.

Cipher Mining Trading Down 4.8%

Shares of CIFR traded down $0.29 during mid-day trading on Tuesday, hitting $5.76. The company had a trading volume of 25,898,512 shares, compared to its average volume of 21,168,637. The stock has a market cap of $2.27 billion, a PE ratio of -13.40 and a beta of 2.73. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $7.77. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23. The business's 50-day simple moving average is $5.20 and its 200-day simple moving average is $4.13.

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

Insider Activity

In related news, major shareholder Holding Ltd V3 sold 369,984 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total transaction of $2,075,610.24. Following the sale, the insider owned 90,942,259 shares in the company, valued at $510,186,072.99. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total value of $1,752,218.70. Following the transaction, the insider directly owned 93,378,292 shares in the company, valued at approximately $565,872,449.52. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,314,323 shares of company stock worth $32,144,964. 2.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Marex Group plc purchased a new position in shares of Cipher Mining during the second quarter valued at approximately $333,000. Nomura Holdings Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter valued at $397,000. Tower Research Capital LLC TRC raised its stake in Cipher Mining by 41.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after purchasing an additional 9,295 shares during the period. Northern Right Capital Management L.P. purchased a new position in Cipher Mining during the 2nd quarter valued at approximately $846,000. Finally, Tidal Investments LLC grew its holdings in Cipher Mining by 28.3% during 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 in the last quarter. 12.26% of the stock is currently owned by 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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