Cipher Mining (NASDAQ:CIFR) Price Target Raised to $9.00 at Canaccord Genuity Group

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

A number of other analysts have also commented on CIFR. Rosenblatt Securities reaffirmed a “buy” rating and set a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. Cantor Fitzgerald increased their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a research note on Thursday, June 5th. Jones Trading began coverage on Cipher Mining in a research note on Monday, July 21st. They set a “hold” rating on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Macquarie increased their price objective on Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.67.

Cipher Mining Stock Down 0.8%

Cipher Mining stock opened at $5.90 on Tuesday. 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 capitalization of $2.32 billion, a price-to-earnings ratio of -13.72 and a beta of 2.73. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.77. The stock’s fifty day moving average is $5.31 and its two-hundred day moving average is $4.16.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate 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 return on equity of 21.71% and a negative net margin of 96.95%. Analysts predict that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 369,984 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total value of $2,075,610.24. Following the transaction, the insider directly owned 90,942,259 shares in the company, valued at $510,186,072.99. This trade represents a 0.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total value of $1,752,218.70. Following the completion of the transaction, the insider owned 93,378,292 shares in the company, valued at approximately $565,872,449.52. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,466,662 shares of company stock worth $33,020,046 in the last quarter. 2.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the company. Impact Partnership Wealth LLC purchased a new stake in shares of Cipher Mining during the 1st quarter valued at about $109,000. Maridea Wealth Management LLC raised its holdings in shares of Cipher Mining by 169.5% during the 1st quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company’s stock valued at $1,269,000 after buying an additional 346,911 shares during the period. Vontobel Holding Ltd. raised its holdings in shares of Cipher Mining by 76.8% during the 1st quarter. Vontobel Holding Ltd. now owns 147,872 shares of the company’s stock valued at $340,000 after buying an additional 64,240 shares during the period. Private Advisor Group LLC raised its holdings in shares of Cipher Mining by 249.3% during the 1st quarter. Private Advisor Group LLC now owns 701,804 shares of the company’s stock valued at $1,614,000 after buying an additional 500,864 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 valued at $1,720,000 after buying an additional 153,921 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.