Macquarie Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its target price upped by equities researchers at Macquarie from $8.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s target price points to a potential upside of 30.13% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Rosenblatt Securities upped their price objective on shares of Cipher Mining from $9.00 to $14.00 and gave the company a “buy” rating in a report on Monday. Arete Research assumed coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective on the stock. Arete assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price target on the stock. Compass Point assumed coverage on shares of Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Finally, Canaccord Genuity Group upped their price target on shares of Cipher Mining from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Monday. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus target price of $14.50.

Cipher Mining Stock Performance

NASDAQ CIFR traded up $0.83 on Monday, hitting $12.30. 33,279,229 shares of the stock were exchanged, compared to its average volume of 24,693,258. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The business’s fifty day moving average is $7.75 and its 200 day moving average is $5.04. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $15.54. The company has a market capitalization of $4.84 billion, a PE ratio of -28.57 and a beta of 2.75.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The firm had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Research analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the sale, the insider directly owned 71,437,719 shares in the company, valued at $882,970,206.84. This represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 44,870 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $10.80, for a total transaction of $484,596.00. Following the sale, the chief operating officer owned 1,044,390 shares in the company, valued at $11,279,412. The trade was a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,816,072 shares of company stock worth $170,436,757 over the last quarter. Corporate insiders own 2.89% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Ameriprise Financial Inc. acquired a new stake in shares of Cipher Mining in the 4th quarter valued at approximately $137,000. Bank of America Corp DE boosted its stake in shares of Cipher Mining by 47.3% in the 4th quarter. Bank of America Corp DE now owns 182,898 shares of the company’s stock valued at $849,000 after purchasing an additional 58,742 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Cipher Mining by 71.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after purchasing an additional 153,921 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Cipher Mining by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after purchasing an additional 2,754 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Cipher Mining by 12.8% in the 4th quarter. California State Teachers Retirement System now owns 213,322 shares of the company’s stock valued at $990,000 after purchasing an additional 24,209 shares in the last quarter. 12.26% of the stock is currently 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.