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

Cipher Mining (NASDAQ:CIFR) had its price target raised by BTIG Research from $6.00 to $9.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 41.29% from the company’s current price.

A number of other analysts have also commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Compass Point upped their price target on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Eight research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $7.72.

Cipher Mining Price Performance

Cipher Mining stock traded down $0.05 during midday trading on Friday, reaching $6.37. The company’s stock had a trading volume of 3,401,212 shares, compared to its average volume of 9,344,026. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.22 billion, a PE ratio of -49.00 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 business has a 50-day moving average price of $4.46 and a 200-day moving average price of $4.40.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same period in the previous year, the company earned ($0.07) EPS. On average, sell-side analysts predict that Cipher Mining will post -0.18 EPS for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. This trade represents a 1.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock valued at $25,974,602 in the last quarter. 2.25% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $52,000. SG Americas Securities LLC purchased a new position in Cipher Mining during the first quarter worth about $74,000. Swiss National Bank grew its position in Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after purchasing an additional 26,700 shares in the last quarter. Vanguard Group Inc. increased its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares during the last quarter. Finally, Vident Advisory LLC lifted its position in shares of Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after buying an additional 1,090,811 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.