Macquarie Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its target price lifted by Macquarie from $6.00 to $7.25 in a report released on Thursday,Benzinga reports. Macquarie currently has an outperform rating on the stock.

Several other analysts also recently issued reports on the company. Northland Securities initiated coverage on Cipher Mining in a research note on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target for the company. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Compass Point lifted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.54.

Cipher Mining Stock Performance

Cipher Mining stock traded up $0.23 during mid-day trading on Thursday, hitting $7.18. 12,768,423 shares of the company’s stock traded hands, compared to its average volume of 9,291,055. The company has a market cap of $2.50 billion, a PE ratio of -53.46 and a beta of 2.18. The firm has a 50 day moving average price of $4.15 and a 200 day moving average price of $4.33. Cipher Mining has a one year low of $2.15 and a one year high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted 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). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same period in the prior year, the firm posted ($0.07) EPS. On average, equities analysts forecast that Cipher Mining will post -0.06 EPS for the current year.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,943,678 shares of company stock worth $23,613,969 over the last ninety days. 2.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CIFR. Amalgamated Bank increased its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new position in Cipher Mining in the 3rd quarter valued at approximately $33,000. Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining during the first quarter valued at $52,000. Xponance Inc. acquired a new position in shares of Cipher Mining during the second quarter worth $45,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Cipher Mining in the first quarter worth $59,000. 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.