Rosenblatt Securities Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Key Points

• Rosenblatt Securities has raised its price target for Cipher Mining (NASDAQ:CIFR) from $14.00 to $25.00, indicating a potential upside of 31.50% from its current price and maintaining a "buy" rating.
• Despite the positive forecast, Cipher Mining's stock recently traded down 9.6% to $19.01, with significant insider selling reported, including 2,000,000 shares sold for $24.16 million.
• Analyst coverage for Cipher Mining is generally positive, with a consensus rating of "Moderate Buy" from twelve analysts, although one firm has assigned a "sell" rating.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price upped by analysts at Rosenblatt Securities from $14.00 to $25.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' target price indicates a potential upside of 31.50% from the stock's current price.

A number of other research firms also recently issued reports on CIFR. Arete started coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price target on the stock. Jones Trading started coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. HC Wainwright increased their price target on Cipher Mining from $7.50 to $17.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. Weiss Ratings reissued a "sell (d+)" rating on shares of Cipher Mining in a research report on Tuesday. Finally, JPMorgan Chase & Co. increased their price target on Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a research report on Friday, September 26th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Cipher Mining currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.68.

Cipher Mining Trading Down 9.6%

NASDAQ:CIFR traded down $2.02 during midday trading on Thursday, hitting $19.01. 23,377,517 shares of the company traded hands, compared to its average volume of 26,888,324. The firm's fifty day moving average is $10.47 and its 200-day moving average is $6.21. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $22.00. The firm has a market capitalization of $7.48 billion, a P/E ratio of -44.33 and a beta of 2.87. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23.

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 for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. On average, sell-side analysts predict that Cipher Mining will post -0.31 EPS for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $12.08, for a total value of $24,160,000.00. Following the completion of the sale, the insider directly owned 67,852,537 shares in the company, valued at approximately $819,658,646.96. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 44,870 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer owned 1,044,390 shares of the company's stock, valued at approximately $11,279,412. This trade represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,022,964 shares of company stock valued at $192,926,623. 2.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Scott Capital Advisors LLC purchased a new position in shares of Cipher Mining in the third quarter worth about $126,000. Farther Finance Advisors LLC grew its holdings in Cipher Mining by 19.2% in the third quarter. Farther Finance Advisors LLC now owns 66,715 shares of the company's stock valued at $840,000 after purchasing an additional 10,723 shares during the period. Exchange Traded Concepts LLC grew its holdings in Cipher Mining by 27.5% in the third quarter. Exchange Traded Concepts LLC now owns 1,369,929 shares of the company's stock valued at $17,247,000 after purchasing an additional 295,383 shares during the period. DKM Wealth Management Inc. acquired a new stake in Cipher Mining in the third quarter valued at approximately $157,000. Finally, Signal Advisors Wealth LLC grew its holdings in Cipher Mining by 41.2% in the third quarter. Signal Advisors Wealth LLC now owns 14,122 shares of the company's stock valued at $178,000 after purchasing an additional 4,122 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.