Cipher Mining (NASDAQ:CIFR – Get Free Report) had its target price boosted by equities researchers at Morgan Stanley from $43.50 to $54.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 203.03% from the company’s current price.
A number of other equities research analysts have also commented on CIFR. Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Cipher Mining in a research note on Thursday, September 10th. Chardan Capital reiterated a “buy” rating and set a $32.00 target price on shares of Cipher Mining in a research report on Tuesday, August 4th. UBS Group set a $30.00 price target on shares of Cipher Mining in a report on Monday, August 10th. Keefe, Bruyette & Woods dropped their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Sanford C. Bernstein assumed coverage on Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $29.58.
View Our Latest Research Report on CIFR
Cipher Mining Stock Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The firm had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period in the prior year, the company earned ($0.12) EPS. Equities research analysts forecast that Cipher Mining will post -1.36 EPS for the current year.
Insiders Place Their Bets
In related news, CEO Tyler Page sold 112,500 shares of the firm’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 transaction, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.09% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the stock. CoreCap Advisors LLC lifted its position in shares of Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after buying an additional 500 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of Cipher Mining during the 2nd quarter valued at $49,000. Harbor Investment Advisory LLC bought a new stake in shares of Cipher Mining during the 2nd quarter worth $58,000. EverSource Wealth Advisors LLC raised its stake in shares of Cipher Mining by 259.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after purchasing an additional 2,423 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Cipher Mining in the 2nd quarter worth about $99,000. Institutional investors own 12.26% of the company’s stock.
Cipher Mining Company Profile
Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.
The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.
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