BTIG Research Increases Cipher Mining (NASDAQ:CIFR) Price Target to $9.00

Cipher Mining (NASDAQ:CIFR) had its price target lifted by investment analysts at BTIG Research from $6.00 to $9.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s target price suggests a potential upside of 35.75% from the company’s previous close.

Several other research analysts also recently weighed in on CIFR. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Macquarie lifted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Northland Securities started coverage on Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Cipher Mining has a consensus rating of “Buy” and an average target price of $7.72.

Cipher Mining Stock Up 3.3 %

CIFR stock opened at $6.63 on Friday. Cipher Mining has a one year low of $2.15 and a one year high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm’s fifty day moving average is $4.61 and its 200 day moving average is $4.43. The firm has a market cap of $2.31 billion, a PE ratio of -51.00 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter last year, the business earned ($0.07) earnings per share. On average, research analysts forecast that Cipher Mining will post -0.18 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 1.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock worth $25,974,602 over the last three months. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its position in Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after buying an additional 2,101 shares during the period. Vima LLC boosted its holdings in Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares during the period. Verition Fund Management LLC boosted its holdings in Cipher Mining by 30.7% in the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 3,086 shares during the period. Amalgamated Bank increased its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC increased its holdings in Cipher Mining by 33.3% during the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds 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.