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

Cipher Mining (NASDAQ:CIFR) had its target price upped by analysts at Canaccord Genuity Group from $12.00 to $16.00 in a research report issued on Monday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 27.08% from the stock’s current price.

A number of other analysts have also issued reports on the company. Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They issued a “hold” rating on the stock. JPMorgan Chase & Co. raised their price objective on Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, September 26th. Cantor Fitzgerald upped their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. Macquarie increased their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, Arete started coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 price target on the stock. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.23.

Cipher Mining Stock Performance

CIFR opened at $12.59 on Monday. The firm’s fifty day simple moving average is $7.99 and its two-hundred day simple moving average is $5.16. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $15.54. The company has a market cap of $4.95 billion, a price-to-earnings ratio of -29.28 and a beta of 2.76. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The firm had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Equities analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the sale, the insider directly owned 71,437,719 shares of the company’s stock, valued at $882,970,206.84. This represents a 4.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 20,901,254 shares of company stock valued at $210,570,720 in the last ninety days. Insiders own 2.89% of the company’s stock.

Institutional Trading of Cipher Mining

Several hedge funds have recently modified their holdings of the stock. Marex Group plc acquired a new position in Cipher Mining during the 2nd quarter worth $333,000. Nomura Holdings Inc. purchased a new position in Cipher Mining in the second quarter worth approximately $397,000. Tower Research Capital LLC TRC grew its holdings in Cipher Mining by 41.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company’s stock worth $152,000 after acquiring an additional 9,295 shares in the last quarter. Northern Right Capital Management L.P. acquired a new position in shares of Cipher Mining during the 2nd quarter worth about $846,000. Finally, Tidal Investments LLC increased its stake in Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after purchasing an additional 1,541,138 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.