Rosenblatt Securities reaffirmed their buy rating on shares of Cipher Mining (NASDAQ:CIFR – Free Report) in a report issued on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a $30.00 price objective on the stock.
Other research analysts have also issued research reports about the stock. Morgan Stanley set a $43.50 price objective on shares of Cipher Mining in a research note on Thursday, August 6th. Chardan Capital restated a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. Jefferies Financial Group began coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Finally, UBS Group set a $30.00 price objective on shares of Cipher Mining in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.61.
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Cipher Mining Price Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter last year, the business earned ($0.12) earnings per share. On average, sell-side analysts anticipate that Cipher Mining will post -1.36 EPS for the current year.
Insider Activity at Cipher Mining
In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Newsome sold 3,758 shares of Cipher Mining stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares in the company, valued at $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 131,258 shares of company stock worth $2,925,288 in the last quarter. Company insiders own 3.09% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in CIFR. WINTON GROUP Ltd purchased a new position in shares of Cipher Mining during the 2nd quarter worth approximately $2,113,000. Engineers Gate Manager LP acquired a new position in Cipher Mining during the second quarter worth $1,587,000. NorthRock Partners LLC purchased a new position in shares of Cipher Mining in the second quarter valued at $203,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Cipher Mining in the 2nd quarter worth about $99,000. Finally, Steamboat Capital Partners LLC purchased a new stake in shares of Cipher Mining in the 2nd quarter worth about $6,001,000. 12.26% of the stock is owned by hedge funds and other institutional investors.
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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