Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $5.25

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given a consensus rating of “Moderate Buy” by the seven research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $5.25.

CIFR has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $4.50 target price on shares of Cipher Mining in a research report on Tuesday, March 5th. Canaccord Genuity Group reissued a “buy” rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Thursday, March 28th. Needham & Company LLC restated a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a research note on Monday, April 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th.

Cipher Mining Price Performance

CIFR opened at $4.14 on Friday. Cipher Mining has a 1 year low of $1.76 and a 1 year high of $5.75. The stock has a 50-day moving average price of $4.00 and a 200-day moving average price of $3.48. The firm has a market cap of $1.23 billion, a PE ratio of -41.40 and a beta of 2.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The business had revenue of $43.42 million for the quarter, compared to the consensus estimate of $35.73 million. Sell-side analysts predict that Cipher Mining will post -0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC increased its holdings in Cipher Mining by 107.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after acquiring an additional 358,897 shares in the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth $49,000. Swiss National Bank bought a new stake in shares of Cipher Mining during the 3rd quarter valued at $255,000. Van ECK Associates Corp raised its position in shares of Cipher Mining by 22.3% during the 3rd quarter. Van ECK Associates Corp now owns 1,403,549 shares of the company’s stock valued at $3,270,000 after purchasing an additional 256,097 shares during the period. Finally, Barclays PLC lifted its stake in shares of Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after buying an additional 7,720 shares in the last quarter. 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.