Cipher Mining (NASDAQ:CIFR) Earns Outperform Rating from Analysts at Macquarie

Macquarie started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report published on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $6.00 price target on the stock.

CIFR has been the subject of several other research reports. HC Wainwright boosted their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research note on Thursday, June 6th. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a buy rating in a research note on Thursday, August 15th. Needham & Company LLC boosted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a buy rating in a research note on Wednesday, August 14th. Canaccord Genuity Group reaffirmed a buy rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Stifel Canada raised shares of Cipher Mining to a strong-buy rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $7.21.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $4.11 on Tuesday. The company’s 50 day moving average is $3.97 and its 200-day moving average is $4.20. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.27 billion, a P/E ratio of 68.50 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter in the previous year, the company earned ($0.05) earnings per share. Sell-side analysts predict that Cipher Mining will post -0.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of the sale, the insider now directly owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The disclosure for this sale can be found here. Insiders sold a total of 6,462,980 shares of company stock valued at $20,795,679 in the last quarter. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently made changes to their positions in the business. Amalgamated Bank boosted its stake in shares of 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 in the last quarter. Janney Montgomery Scott LLC bought a new stake in Cipher Mining during the 1st quarter valued at $52,000. Xponance Inc. bought a new stake in Cipher Mining during the 2nd quarter valued at $45,000. Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining during the 1st quarter valued at $59,000. Finally, SG Americas Securities LLC bought a new stake in Cipher Mining during the 1st quarter valued at $74,000. Hedge funds and other 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.