BTIG Research Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price target raised by BTIG Research from $6.00 to $9.00 in a research report sent to investors on Friday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Compass Point boosted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Macquarie raised their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $7.72.

Cipher Mining Price Performance

Shares of CIFR traded up $0.21 on Friday, reaching $6.63. The stock had a trading volume of 5,921,416 shares, compared to its average volume of 9,355,338. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.31 billion, a PE ratio of -51.00 and a beta of 2.18. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The firm has a 50-day moving average of $4.61 and a 200 day moving average of $4.43.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Sell-side analysts expect that Cipher Mining will post -0.18 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. This represents a 1.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,296,839 shares of company stock valued at $25,974,602. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Cipher Mining during the 2nd quarter worth $1,332,000. Swiss National Bank grew its stake in shares of Cipher Mining by 27.0% in the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after purchasing an additional 26,700 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after purchasing an additional 389,079 shares during the period. Finally, Duncan Williams Asset Management LLC bought a new stake in shares of Cipher Mining during the third quarter valued at about $553,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.