Needham & Company LLC Boosts Cipher Mining (NASDAQ:CIFR) Price Target to $15.00

Key Points

• Needham & Company LLC has raised its price target for Cipher Mining (NASDAQ:CIFR) from $10.00 to $15.00, indicating a potential upside of 18.58% from the stock's current price.
• Multiple analysts, including Macquarie and Canaccord Genuity Group, have issued bullish ratings and higher price targets for Cipher Mining, with Canaccord setting a target of $16.00.
• Insiders have sold significant shares of Cipher Mining recently, including a transaction where COO Patrick Arthur Kelly sold 44,870 shares for approximately $484,596.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price objective hoisted by equities research analysts at Needham & Company LLC from $10.00 to $15.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 18.58% from the stock's current price.

Other research analysts have also recently issued reports about the stock. Macquarie increased their target price on shares of Cipher Mining from $8.00 to $16.00 and gave the stock an "outperform" rating in a report on Monday. Compass Point assumed coverage on shares of Cipher Mining in a report on Monday, September 15th. They set a "buy" rating on the stock. Canaccord Genuity Group increased their price target on shares of Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a research report on Monday. Arete Research assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price target for the company. Finally, Cantor Fitzgerald increased their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Twelve investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $15.23.

Cipher Mining Price Performance

CIFR stock opened at $12.65 on Tuesday. The company has a market capitalization of $4.98 billion, a PE ratio of -29.42 and a beta of 2.76. The company's fifty day moving average price is $7.87 and its 200-day moving average price is $5.10. 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 one year low of $1.86 and a one year high of $15.54.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly 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). The company had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. On average, equities analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,870 shares of Cipher Mining stock in a transaction on Monday, September 15th. The shares were sold at an average price of $10.80, for a total transaction of $484,596.00. Following the sale, the chief operating officer owned 1,044,390 shares of the company's stock, valued at $11,279,412. The trade was a 4.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of Cipher Mining stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the sale, the insider directly owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,316,072 shares of company stock worth $168,006,757 in the last ninety days. Corporate insiders own 2.89% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Marex Group plc acquired a new position in shares of Cipher Mining during the 2nd quarter valued at about $333,000. Nomura Holdings Inc. acquired a new position in shares of Cipher Mining during the 2nd quarter valued at about $397,000. Tower Research Capital LLC TRC raised its holdings in Cipher Mining by 41.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after buying an additional 9,295 shares during the period. Northern Right Capital Management L.P. purchased a new stake in Cipher Mining in the 2nd quarter valued at about $846,000. Finally, Tidal Investments LLC raised 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 period. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Company Profile

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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