Analysts Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $8.13

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received an average recommendation of “Buy” from the thirteen analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $8.03.

CIFR has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Canaccord Genuity Group restated a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Thursday. Cantor Fitzgerald lowered their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Needham & Company LLC dropped their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th.

Cipher Mining Stock Down 4.5%

CIFR stock opened at $2.98 on Wednesday. The company’s 50 day moving average price is $2.80 and its 200 day moving average price is $4.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.99. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -22.92 and a beta of 2.61.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $48.96 million during the quarter, compared to analysts’ expectations of $53.57 million. On average, equities research analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Institutional Trading of Cipher Mining

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after buying an additional 5,432 shares during the period. NewEdge Advisors LLC purchased a new position in shares of Cipher Mining during the fourth quarter worth approximately $29,000. FNY Investment Advisers LLC increased its holdings in shares of Cipher Mining by 42.9% in the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock valued at $36,000 after acquiring an additional 4,800 shares during the period. Valeo Financial Advisors LLC purchased a new stake in Cipher Mining in the 1st quarter valued at $37,000. Finally, KBC Group NV purchased a new stake in Cipher Mining in the 4th quarter valued at $46,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.