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

Key Points

• Canaccord Genuity Group has raised the price target for Cipher Mining stock from $9.00 to $13.00, indicating a potential upside of 19.82% based on the current stock price.
• Analysts have given Cipher Mining a consensus rating of "Moderate Buy" with one Strong Buy, ten Buy ratings, and two Hold ratings, reflecting positive sentiment among market analysts.
• Recent insider transactions include significant sales by major shareholders, with Top Holdco B.V. selling over 667,000 shares, reducing their ownership by 0.71%.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price target lifted by analysts at Canaccord Genuity Group from $9.00 to $13.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 19.82% from the stock's current price.

CIFR has been the topic of a number of other reports. Compass Point started coverage on Cipher Mining in a report on Monday. They issued a "buy" rating on the stock. Cantor Fitzgerald boosted 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. Jones Trading started coverage on Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating on the stock. Finally, Macquarie upped their target price on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given 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 $8.11.

Cipher Mining Price Performance

Shares of Cipher Mining stock opened at $10.85 on Tuesday. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $11.32. 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 stock has a market cap of $4.27 billion, a PE ratio of -25.23 and a beta of 2.75. The business has a fifty day simple moving average of $6.59 and a 200 day simple moving average of $4.47.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) 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 firm had revenue of $43.57 million during the quarter, compared to analysts' expectations of $51.89 million. Research analysts predict that Cipher Mining will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the company's stock in a transaction that occurred on 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 directly owned 93,667,437 shares of the company's stock, valued at $572,308,040.07. This represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Holding Ltd V3 sold 900,000 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $9.98, for a total value of $8,982,000.00. Following the transaction, the insider directly owned 83,942,259 shares in the company, valued at $837,743,744.82. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,766,662 shares of company stock worth $70,656,046. Insiders own 2.89% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. Millennium Management LLC purchased a new stake in Cipher Mining in the 1st quarter valued at $9,316,000. Alyeska Investment Group L.P. bought a new position in shares of Cipher Mining during the 1st quarter worth $7,094,000. Helix Partners Management LP grew its stake 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 worth $10,120,000 after acquiring an additional 2,153,058 shares during the period. JPMorgan Chase & Co. boosted its stake in Cipher Mining by 996.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock worth $10,645,000 after purchasing an additional 2,023,994 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake 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 worth $10,765,000 after purchasing an additional 1,610,073 shares during the period. 12.26% of the stock is 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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