Rosenblatt Securities Raises Cipher Mining (NASDAQ:CIFR) Price Target to $14.00

Key Points

• Rosenblatt Securities raised the price target for Cipher Mining (NASDAQ:CIFR) to $14.00, indicating a potential upside of 22.06% from the current stock price.
• Cipher Mining holds a consensus rating of "Moderate Buy" with twelve analysts recommending buy and two holding the stock.
• Insider trading showed significant stock sales, including a major shareholder selling over 667,000 shares, representing a decrease of 0.71% in their ownership position.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price raised by Rosenblatt Securities from $9.00 to $14.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' price target would indicate a potential upside of 22.06% from the company's previous close.

Other analysts have also recently issued research reports about the stock. Jones Trading initiated coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. Arete Research initiated coverage on shares of Cipher Mining in a research note on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price target on the stock. Cantor Fitzgerald boosted their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Macquarie upped their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Compass Point initiated coverage on shares of Cipher Mining in a research report on Monday, September 15th. They set a "buy" rating on the stock. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.41.

Cipher Mining Stock Down 1.6%

Shares of CIFR stock opened at $11.47 on Monday. The stock has a market cap of $4.51 billion, a P/E ratio of -26.67 and a beta of 2.75. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $15.54. 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 company's fifty day simple moving average is $7.75 and its two-hundred day simple moving average is $5.04.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). The business had revenue of $43.57 million for 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%. Analysts predict that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the company's stock in a transaction dated Monday, July 14th. The shares were 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 in the company, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider owned 71,437,719 shares in the company, valued at $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,816,072 shares of company stock worth $170,436,757 over the last quarter. 2.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently added to or reduced their stakes in CIFR. Millennium Management LLC bought a new position in Cipher Mining during the 1st quarter valued at about $9,316,000. Alyeska Investment Group L.P. bought a new position in Cipher Mining in the 1st quarter worth about $7,094,000. Helix Partners Management LP grew its stake 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 acquiring an additional 2,153,058 shares in the last quarter. JPMorgan Chase & Co. grew 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 acquiring an additional 2,023,994 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew 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 acquiring an additional 1,610,073 shares in the last quarter. 12.26% of the stock is currently owned by 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.

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