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Macquarie Forecasts Strong Price Appreciation for Cipher Mining (NASDAQ:CIFR) Stock

Cipher Mining logo with Business Services background

Key Points

  • Macquarie has raised the target price for Cipher Mining (NASDAQ:CIFR) from $16.00 to $27.00, projecting a potential upside of 67.60% from its previous close.
  • Other analysts have also increased their price targets for Cipher Mining, with Rosenblatt Securities setting a target of $25.00, while Needham boosted theirs to $15.00.
  • Cipher Mining’s recent stock performance shows it traded down to $16.11 with a market capitalization of $6.34 billion and a notable negative net margin of 96.95%.
  • MarketBeat previews the top five stocks to own by November 1st.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price increased by investment analysts at Macquarie from $16.00 to $27.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Macquarie's price target indicates a potential upside of 67.60% from the company's previous close.

A number of other analysts have also recently weighed in on CIFR. Rosenblatt Securities increased their price target on shares of Cipher Mining from $14.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, October 16th. Needham & Company LLC boosted their price objective on shares of Cipher Mining from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. HC Wainwright boosted their price objective on shares of Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Jones Trading started coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Cipher Mining in a research note on Tuesday, October 14th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cipher Mining presently has a consensus rating of "Moderate Buy" and an average price target of $18.68.

View Our Latest Stock Report on CIFR

Cipher Mining Stock Performance

CIFR traded down $1.97 during trading on Wednesday, hitting $16.11. 63,461,693 shares of the stock were exchanged, compared to its average volume of 27,444,006. The stock has a fifty day moving average price of $11.60 and a two-hundred day moving average price of $6.70. The firm has a market capitalization of $6.34 billion, a P/E ratio of -37.47 and a beta of 2.87. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $22.00. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

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

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 26,581 shares of the company's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $21.08, for a total value of $560,327.48. Following the transaction, the chief operating officer directly owned 1,213,919 shares of the company's stock, valued at $25,589,412.52. This represents a 2.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 535,843 shares of the company's stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $20.32, for a total value of $10,888,329.76. Following the completion of the transaction, the insider directly owned 61,316,694 shares in the company, valued at approximately $1,245,955,222.08. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,085,388 shares of company stock valued at $284,827,231. Corporate insiders own 2.63% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,108,850 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Cipher Mining by 28.3% during the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock worth $33,386,000 after buying an additional 1,541,138 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Cipher Mining by 11.9% during the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after buying an additional 503,694 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after buying an additional 1,610,073 shares during the last quarter. Finally, Helix Partners Management LP increased its holdings in Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after purchasing an additional 2,153,058 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

(Get Free Report)

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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Analyst Recommendations for Cipher Mining (NASDAQ:CIFR)

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