Cipher Mining (NASDAQ:CIFR) Given New $13.00 Price Target at Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR) had its price target lifted by Canaccord Genuity Group from $9.00 to $13.00 in a report published on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other brokerages have also commented on CIFR. Cantor Fitzgerald raised their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. Compass Point started coverage on shares of Cipher Mining in a research note on Monday. They issued a “buy” rating on the stock. Jones Trading started coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a “hold” rating on the stock. Finally, Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and an average price target of $8.11.

Cipher Mining Trading Down 4.3%

Shares of NASDAQ CIFR opened at $11.85 on Tuesday. The company’s fifty day moving average is $6.93 and its 200-day moving average is $4.62. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of -27.56 and a beta of 2.76. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $12.69. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The company had revenue of $43.57 million for the quarter, compared to analysts’ expectations of $51.89 million. Equities research analysts predict that Cipher Mining will post -0.31 EPS for the current year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 44,870 shares of the business’s 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 $11,279,412. The trade was a 4.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Cary M. Grossman sold 75,000 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $5.89, for a total transaction of $441,750.00. Following the completion of the sale, the director directly owned 225,530 shares of the company’s stock, valued at $1,328,371.70. This represents a 24.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,611,532 shares of company stock valued at $91,453,642. Company insiders own 2.89% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors have recently bought and sold shares of the business. Helix Partners Management LP boosted its holdings 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 valued at $10,120,000 after purchasing an additional 2,153,058 shares during the period. Impact Partnership Wealth LLC bought a new stake in shares of Cipher Mining during the 1st quarter worth approximately $109,000. SRN Advisors LLC lifted its holdings in shares of Cipher Mining by 42.1% during the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock worth $654,000 after acquiring an additional 84,148 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cipher Mining by 5.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company’s stock worth $7,635,000 after acquiring an additional 180,010 shares during the period. Finally, Maridea Wealth Management LLC lifted its holdings in shares of Cipher Mining by 169.5% during the 1st quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company’s stock worth $1,269,000 after acquiring an additional 346,911 shares during the period. Institutional investors 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.