Cipher Mining (NASDAQ:CIFR) Stock Price Expected to Rise, HC Wainwright Analyst Says

Cipher Mining (NASDAQ:CIFR) had its price objective raised by stock analysts at HC Wainwright from $7.50 to $17.00 in a report released on Monday, MarketBeat.com reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 35.03% from the stock’s previous close.

A number of other research analysts have also weighed in on CIFR. Arete Research initiated coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. Compass Point initiated coverage on Cipher Mining in a research note on Monday, September 15th. They set a “buy” rating for the company. Rosenblatt Securities lifted their price target on Cipher Mining from $9.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday. Cantor Fitzgerald upped their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. Finally, Macquarie raised their price objective 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. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.23.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $12.59 on Monday. The business’s 50-day simple moving average is $7.99 and its 200-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 debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of -29.28 and a beta of 2.76.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting analysts’ consensus estimates of ($0.12). The company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. As a group, equities research analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total value of $43,316,114.40. Following the sale, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. The trade was a 4.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 20,901,254 shares of company stock worth $210,570,720 in the last three months. Corporate insiders own 2.89% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC acquired a new position in Cipher Mining in the first quarter valued at about $9,316,000. Alyeska Investment Group L.P. bought a new position in shares of Cipher Mining in the first quarter valued at approximately $7,094,000. Helix Partners Management LP boosted its holdings in shares of Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after acquiring an additional 2,153,058 shares in the last quarter. JPMorgan Chase & Co. grew its position in Cipher Mining by 996.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock worth $10,645,000 after acquiring an additional 2,023,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after acquiring an additional 1,610,073 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

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.