Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of “Buy” by Brokerages

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned a consensus recommendation of “Buy” from the seven brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $6.40.

Several brokerages have recently issued reports on CIFR. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price target (up from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a report on Friday, June 7th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald began coverage on Cipher Mining in a report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 target price for the company. Finally, HC Wainwright boosted their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th.

Cipher Mining Stock Down 6.0 %

Shares of Cipher Mining stock opened at $4.07 on Monday. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 67.83 and a beta of 2.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The stock has a 50-day simple moving average of $4.82 and a 200-day simple moving average of $4.14.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $4.08, for a total transaction of $1,202,828.88. Following the completion of the transaction, the insider now directly owns 118,519,768 shares in the company, valued at $483,560,653.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 5,302,379 shares of company stock worth $24,285,016 over the last three months. 2.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CIFR. Strategic Blueprint LLC bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $62,000. Cerity Partners LLC bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $63,000. Vontobel Holding Ltd. increased its position in shares of Cipher Mining by 117.4% during the fourth quarter. Vontobel Holding Ltd. now owns 126,656 shares of the company’s stock valued at $523,000 after purchasing an additional 68,400 shares during the period. Tyche Wealth Partners LLC bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $217,000. Finally, Sloy Dahl & Holst LLC bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $44,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.