Cipher Mining (NASDAQ:CIFR) Price Target Raised to $32.00

Cipher Mining (NASDAQ:CIFR) had its price objective hoisted by Keefe, Bruyette & Woods from $27.00 to $32.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also issued reports on CIFR. Cantor Fitzgerald decreased their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Chardan Capital began coverage on Cipher Mining in a research note on Monday. They set a “buy” rating and a $32.00 price objective on the stock. HC Wainwright lifted their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley reduced their target price on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Finally, Needham & Company LLC boosted their target price on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.74.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $22.66 on Tuesday. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The stock has a market cap of $9.27 billion, a PE ratio of -9.73 and a beta of 3.18. The stock has a 50-day moving average of $23.34 and a 200-day moving average of $19.04. Cipher Mining has a one year low of $4.55 and a one year high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining’s revenue for the quarter was down 28.8% on a year-over-year basis. As a group, sell-side analysts expect that Cipher Mining will post -0.8 earnings per share for the current year.

Insider Activity

In other Cipher Mining news, COO Patrick Arthur Kelly sold 48,000 shares of Cipher Mining stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the sale, the chief operating officer owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining during the 4th quarter worth approximately $25,000. Arax Advisory Partners lifted its position in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Cipher Mining during the fourth quarter worth $28,000. Finally, Danske Bank A S boosted its holdings in Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.