Cipher Mining (NASDAQ:CIFR – Free Report) had its price objective boosted by HC Wainwright from $25.00 to $30.00 in a report issued on Wednesday morning, MarketBeat reports. HC Wainwright currently has a buy rating on the stock.
A number of other research firms have also issued reports on CIFR. Morgan Stanley reiterated an “overweight” rating and issued a $40.50 target price on shares of Cipher Mining in a report on Monday, April 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Rosenblatt Securities reiterated a “buy” rating and issued a $24.00 target price on shares of Cipher Mining in a report on Thursday, March 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Cipher Mining in a report on Wednesday, March 25th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.29.
Read Our Latest Research Report on CIFR
Cipher Mining Trading Down 0.6%
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. The business’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, equities analysts expect that Cipher Mining will post -0.9 earnings per share for the current year.
Insider Buying and Selling at Cipher Mining
In other news, CEO Tyler Page sold 37,500 shares of Cipher Mining stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total transaction of $604,125.00. Following the sale, the chief executive officer owned 8,263,862 shares in the company, valued at approximately $133,130,816.82. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $14.98, for a total value of $532,808.64. Following the sale, the chief operating officer owned 1,441,508 shares in the company, valued at $21,593,789.84. This trade represents a 2.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 196,398 shares of company stock valued at $3,347,410. 2.63% of the stock is owned by insiders.
Hedge Funds Weigh In On Cipher Mining
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its holdings in shares of Cipher Mining by 31.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,718 shares of the company’s stock worth $86,000 after buying an additional 1,623 shares during the last quarter. Harbor Advisors LLC grew its holdings in shares of Cipher Mining by 200.0% during the first quarter. Harbor Advisors LLC now owns 30,000 shares of the company’s stock worth $386,000 after buying an additional 20,000 shares during the last quarter. Swiss National Bank grew its holdings in shares of Cipher Mining by 0.4% during the first quarter. Swiss National Bank now owns 622,900 shares of the company’s stock worth $8,017,000 after buying an additional 2,600 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cipher Mining by 48.7% during the first quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock worth $32,423,000 after buying an additional 824,618 shares during the last quarter. Finally, Kera Capital Partners Inc. grew its holdings in shares of Cipher Mining by 32.5% during the first quarter. Kera Capital Partners Inc. now owns 16,286 shares of the company’s stock worth $210,000 after buying an additional 3,997 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.
Key Cipher Mining News
Here are the key news stories impacting Cipher Mining this week:
- Positive Sentiment: Rosenblatt Securities raised its price target on Cipher Mining to $30 from $24 and reiterated a buy rating, signaling confidence in further upside. Rosenblatt Securities Raises Price Target on Cipher Mining
- Positive Sentiment: Keefe, Bruyette & Woods lifted its target to $27 from $23 and kept an outperform rating, which reinforced the bullish analyst trend. Cipher Mining Price Target Raised by Keefe, Bruyette & Woods
- Positive Sentiment: HC Wainwright also reportedly increased its price target to $30, adding another vote of confidence in Cipher Mining’s outlook. Cipher Mining Given New Price Target at HC Wainwright
- Positive Sentiment: News coverage highlighted Cipher Mining’s momentum tied to large AI campus leases and a $2.2 billion financing, which supports the company’s growth story and could attract momentum investors. Cipher Digital Is Up After Massive AI Campus Leases And Financing
- Neutral Sentiment: Cipher Mining said it will participate in several upcoming investor and industry conferences, which may help keep the company visible but does not change fundamentals by itself. Cipher Digital Announces Participation in Upcoming Investor and Industry Conferences
- Negative Sentiment: Director Cary M. Grossman sold 20,000 shares, trimming his stake by 11.73%, which can be viewed as a mild confidence signal against the stock. Cary M. Grossman Insider Sale SEC Filing
- Negative Sentiment: Director Wesley Hastie Williams sold 28,169 shares, reducing his position by 17.81%, adding a second insider-sale headline that may temper enthusiasm. Wesley Hastie Williams Insider Sale SEC Filing
Cipher Mining Company Profile
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.
Further Reading
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