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

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

Other research analysts have also issued reports about the company. Northland Securities began coverage on Cipher Mining in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie increased their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $7.72.

Cipher Mining Price Performance

Shares of Cipher Mining stock traded down $0.05 during mid-day trading on Friday, reaching $6.37. 3,401,212 shares of the stock were exchanged, compared to its average volume of 9,344,026. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a market cap of $2.22 billion, a price-to-earnings ratio of -49.00 and a beta of 2.18. The firm has a 50-day simple moving average of $4.46 and a 200 day simple moving average of $4.40. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. This trade represents a 1.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,296,839 shares of company stock valued at $25,974,602 in the last three months. 2.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank boosted its stake in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining in the third quarter valued at approximately $33,000. Janney Montgomery Scott LLC acquired a new stake in Cipher Mining during the first quarter worth approximately $52,000. Xponance Inc. acquired a new position in Cipher Mining in the 2nd quarter valued at $45,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Cipher Mining during the 1st quarter valued at $59,000. Institutional investors and hedge funds 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.