Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned an average recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, fifteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $27.6875.

A number of brokerages have issued reports on CIFR. Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Wall Street Zen downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. HC Wainwright boosted their price target on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, BTIG Research reissued a “buy” rating and issued a $25.00 price target on shares of Cipher Mining in a report on Wednesday, May 6th.

Insiders Place Their Bets

In other news, CEO Tyler Page sold 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the sale, the chief executive officer directly owned 8,263,862 shares in the company, valued at $133,130,816.82. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Cary M. Grossman sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the sale, the director owned 150,530 shares of the company’s stock, valued at $3,284,564.60. This trade represents a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 3,213,804 shares of company stock valued at $82,381,735. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Rathbones Group PLC raised its position in shares of Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after purchasing an additional 750 shares during the last quarter. Bank of America Corp DE raised its position in shares of Cipher Mining by 237.7% during the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after purchasing an additional 995,735 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Cipher Mining by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after purchasing an additional 81,192 shares during the last quarter. Amundi purchased a new stake in shares of Cipher Mining during the first quarter worth approximately $198,000. Finally, EverSource Wealth Advisors LLC raised its stake in Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after purchasing an additional 2,423 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $21.02 on Thursday. The business’s 50 day moving average price is $19.66 and its 200 day moving average price is $17.48. The firm has a market cap of $8.60 billion, a P/E ratio of -9.02 and a beta of 3.18. Cipher Mining has a 52 week low of $3.29 and a 52 week high of $28.62. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The company’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, sell-side analysts expect that Cipher Mining will post -0.8 earnings per share for the current year.

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.