Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) have earned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and fifteen have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $27.00.
CIFR has been the subject of several research analyst reports. Rosenblatt Securities increased their target price on Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Morgan Stanley increased their target price on Cipher Mining to $42.50 and gave the stock an “overweight” rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 target price for the company. Finally, Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th.
Read Our Latest Stock Report on CIFR
Cipher Mining Stock Up 10.5%
Cipher Mining (NASDAQ:CIFR – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. The firm’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, equities research analysts predict that Cipher Mining will post -0.8 earnings per share for the current year.
Insider Activity
In other Cipher Mining news, Director Cary M. Grossman sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the transaction, the director owned 150,530 shares in the company, valued at $3,284,564.60. This trade represents a 11.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Tyler Page sold 37,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total value of $604,125.00. Following the transaction, the chief executive officer owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. This represents a 0.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 244,398 shares of company stock valued at $4,276,690 in the last three months. 2.63% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cipher Mining
Several institutional investors have recently added to or reduced their stakes in CIFR. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the 3rd quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new position in Cipher Mining during the 4th quarter valued at approximately $25,000. Arax Advisory Partners grew its holdings in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after buying an additional 1,338 shares in the last quarter. GAMMA Investing LLC grew its holdings in Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after buying an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Cipher Mining during the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.
Cipher Mining Company Profile
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.
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