Cipher Mining Inc. (NASDAQ:CIFR) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Cipher Mining, with 15 buy, two strong-buy, one hold, and one sell rating. The average 12-month price target is $29.58, well above the stock’s $18.34 opening price.
• Cipher Mining’s latest quarterly results fell short of expectations, reporting a $0.65 per-share loss versus the $0.25 consensus loss and revenue of $24.84 million versus $31.86 million expected.
• The company remains highly volatile and unprofitable, with a negative net margin of 585.75% and a beta of 3.15. CEO Tyler Page sold 112,500 shares under a pre-arranged trading plan, while institutional investors own 12.26% of the stock.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) has received an average rating of "Moderate Buy" from the nineteen research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $29.5833.

A number of research analysts have weighed in on CIFR shares. BTIG Research lifted their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. UBS Group set a $30.00 price objective on shares of Cipher Mining in a research report on Monday, August 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Cipher Mining in a report on Wednesday, June 24th. Wells Fargo & Company assumed coverage on shares of Cipher Mining in a research report on Thursday. They issued an "overweight" rating and a $25.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th.

Cipher Mining Stock Up 8.3%

Shares of Cipher Mining stock opened at $18.34 on Friday. The company has a market capitalization of $7.61 billion, a P/E ratio of -6.41 and a beta of 3.15. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The business has a 50-day moving average of $18.27 and a two-hundred day moving average of $19.16. Cipher Mining has a 1 year low of $11.01 and a 1 year high of $30.14.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same quarter last year, the firm earned ($0.12) EPS. As a group, equities analysts predict that Cipher Mining will post -1.36 EPS for the current year.

Insider Activity at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares of the company's stock, valued at $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the company. WINTON GROUP Ltd bought a new position in shares of Cipher Mining during the 2nd quarter worth approximately $2,113,000. Engineers Gate Manager LP bought a new position in Cipher Mining in the second quarter valued at $1,587,000. NorthRock Partners LLC bought a new position in Cipher Mining in the second quarter valued at $203,000. Integrated Wealth Concepts LLC acquired a new stake in Cipher Mining in the 2nd quarter valued at $99,000. Finally, Steamboat Capital Partners LLC acquired a new stake in Cipher Mining in the 2nd quarter valued at $6,001,000. Institutional investors and hedge funds own 12.26% of the company's stock.

About Cipher Mining

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

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