Cipher Mining (NASDAQ:CIFR) Price Target Raised to $9.00 at BTIG Research

Cipher Mining (NASDAQ:CIFR) had its price target upped by BTIG Research from $6.00 to $9.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Northland Securities started coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Compass Point lifted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $7.72.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR traded up $0.21 during trading hours on Friday, hitting $6.63. 5,921,416 shares of the company’s stock traded hands, compared to its average volume of 9,355,338. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -51.00 and a beta of 2.18. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. 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 company’s fifty day simple moving average is $4.61 and its two-hundred day simple moving average is $4.43.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter last year, the company posted ($0.07) EPS. As a group, equities analysts anticipate that Cipher Mining will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. The trade was a 1.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock worth $25,974,602 in the last three months. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Several large investors have recently modified their holdings of CIFR. State Street Corp raised its holdings in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares during the period. Vanguard Group Inc. grew its position in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Millennium Management LLC boosted its stake in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the period. Finally, Van ECK Associates Corp boosted its stake in Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the period. 12.26% of the stock is owned by institutional investors.

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.