Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $26.87

Cipher Mining Inc. (NASDAQ:CIFR) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $27.00.

A number of equities analysts have recently commented on the company. Cantor Fitzgerald cut their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Keefe, Bruyette & Woods raised their price target on Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Morgan Stanley raised their price target on Cipher Mining to $42.50 and gave the stock an “overweight” rating in a report on Tuesday. HC Wainwright raised their price target on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Jefferies Financial Group assumed coverage on Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective for the company.

Insider Activity at Cipher Mining

In related news, Director Wesley Hastie Williams sold 14,567 shares of Cipher Mining stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $21.41, for a total transaction of $311,879.47. Following the completion of the sale, the director owned 115,409 shares of the company’s stock, valued at approximately $2,470,906.69. This trade represents a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tyler Page sold 37,500 shares of Cipher Mining stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total value of $604,125.00. Following the sale, the chief executive officer directly owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. This represents a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 258,965 shares of company stock valued at $4,588,569 in the last ninety days. 2.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the company. Sherman Asset Management Inc. bought a new stake in Cipher Mining during the third quarter worth about $25,000. Los Angeles Capital Management LLC bought a new stake in Cipher Mining during the fourth quarter worth about $25,000. Arax Advisory Partners lifted its stake in Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after purchasing an additional 1,338 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Cipher Mining during the fourth quarter worth about $28,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $21.97 on Friday. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The business has a fifty day simple moving average of $17.18 and a two-hundred day simple moving average of $16.97. Cipher Mining has a 1 year low of $3.08 and a 1 year high of $25.52. The company has a market capitalization of $8.99 billion, a P/E ratio of -9.43 and a beta of 3.13.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, 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.