Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $24.73

Cipher Mining Inc. (NASDAQ:CIFR) has been assigned an average rating of “Moderate Buy” from the fourteen analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $24.7308.

CIFR has been the subject of several recent analyst reports. Citizens Jmp initiated coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price objective for the company. Citigroup began coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They issued an “outperform” rating for the company. Rosenblatt Securities increased their price target on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Wells Fargo & Company set a $18.00 price objective on shares of Cipher Mining in a research note on Monday, November 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Monday, December 29th.

Insider Buying and Selling at Cipher Mining

In related news, Director Wesley Hastie Williams sold 49,867 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $16.08, for a total value of $801,861.36. Following the sale, the director directly owned 158,145 shares of the company’s stock, valued at $2,542,971.60. This trade represents a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Holly Morrow Evans sold 15,000 shares of Cipher Mining stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $18.74, for a total value of $281,100.00. Following the completion of the transaction, the director owned 195,512 shares in the company, valued at approximately $3,663,894.88. This represents a 7.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 408,549 shares of company stock worth $7,708,644 over the last quarter. 2.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in the stock. Formidable Asset Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $659,000. Blue Trust Inc. bought a new position in shares of Cipher Mining in the 4th quarter valued at $82,000. Lodestone Wealth Management LLC acquired a new stake in shares of Cipher Mining during the 4th quarter valued at $77,000. Nisa Investment Advisors LLC grew its position in Cipher Mining by 26.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 7,077 shares of the company’s stock worth $104,000 after acquiring an additional 1,468 shares during the last quarter. Finally, Avaii Wealth Management LLC acquired a new position in Cipher Mining in the 4th quarter worth about $256,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Trading Up 7.3%

Shares of CIFR stock opened at $18.80 on Monday. The stock has a market cap of $7.43 billion, a P/E ratio of -104.44 and a beta of 2.94. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $25.52. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31. The stock has a 50 day simple moving average of $16.89 and a 200 day simple moving average of $13.08.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. The firm had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. On average, research analysts predict that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.