Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.13 Consensus Price Target from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has been assigned an average rating of “Buy” from the thirteen research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $8.03.

CIFR has been the topic of several recent analyst reports. Cantor Fitzgerald decreased their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a research report on Tuesday, May 6th. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Thursday.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of CIFR. Barclays PLC grew its position in Cipher Mining by 377.2% in the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after acquiring an additional 234,366 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Cipher Mining by 9.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock worth $605,000 after buying an additional 13,996 shares during the period. FNY Investment Advisers LLC purchased a new stake in Cipher Mining during the 4th quarter worth approximately $51,000. Hennion & Walsh Asset Management Inc. lifted its holdings in Cipher Mining by 25.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 182,897 shares of the company’s stock worth $849,000 after buying an additional 37,162 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after buying an additional 5,432 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $2.98 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock’s fifty day moving average is $2.80 and its two-hundred day moving average is $4.69. The firm has a market capitalization of $1.11 billion, a P/E ratio of -22.92 and a beta of 2.61. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. On average, research analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current year.

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.