Cipher Mining (NASDAQ:CIFR) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Cipher Mining (NASDAQ:CIFR) had its target price boosted by Canaccord Genuity Group from $8.00 to $9.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

CIFR has been the topic of a number of other reports. HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a report on Tuesday, May 6th. Rosenblatt Securities reissued a “buy” rating and set a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Macquarie upped their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Jones Trading began coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating for the company. Finally, Cantor Fitzgerald boosted their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.67.

Cipher Mining Stock Performance

CIFR opened at $5.76 on Tuesday. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $5.23 and its 200-day moving average is $4.14. The stock has a market cap of $2.27 billion, a PE ratio of -13.40 and a beta of 2.73. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $7.77.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The business had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. On average, analysts predict that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, Director Cary M. Grossman sold 75,000 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $5.89, for a total transaction of $441,750.00. Following the sale, the director directly owned 225,530 shares of the company’s stock, valued at $1,328,371.70. The trade was a 24.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holding Ltd V3 sold 369,984 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $5.61, for a total value of $2,075,610.24. Following the sale, the insider directly owned 90,942,259 shares of the company’s stock, valued at approximately $510,186,072.99. This represents a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,466,662 shares of company stock worth $33,020,046. 2.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently bought and sold shares of CIFR. Impact Partnership Wealth LLC purchased a new stake in Cipher Mining during the first quarter valued at about $109,000. Maridea Wealth Management LLC lifted its position in shares of Cipher Mining by 169.5% in the 1st quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company’s stock valued at $1,269,000 after acquiring an additional 346,911 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Cipher Mining by 76.8% in the 1st quarter. Vontobel Holding Ltd. now owns 147,872 shares of the company’s stock valued at $340,000 after acquiring an additional 64,240 shares in the last quarter. Private Advisor Group LLC boosted its stake in Cipher Mining by 249.3% in the 1st quarter. Private Advisor Group LLC now owns 701,804 shares of the company’s stock worth $1,614,000 after purchasing an additional 500,864 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock worth $1,720,000 after purchasing an additional 153,921 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.