Cipher Mining (NASDAQ:CIFR) Given New $22.00 Price Target at Keefe, Bruyette & Woods

Cipher Mining (NASDAQ:CIFR) had its price objective raised by analysts at Keefe, Bruyette & Woods from $13.00 to $22.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 33.41% from the stock’s current price.

A number of other research firms have also recently commented on CIFR. Citigroup assumed coverage on shares of Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $12.00 to $18.00 in a research report on Monday, November 24th. Needham & Company LLC lifted their price target on Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Wells Fargo & Company set a $18.00 price objective on Cipher Mining in a research report on Monday, November 24th. Finally, Citizens Jmp assumed coverage on Cipher Mining in a report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price objective on the stock. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average price target of $24.54.

Cipher Mining Trading Down 6.1%

Cipher Mining stock opened at $16.49 on Tuesday. The stock has a market cap of $6.52 billion, a P/E ratio of -91.61 and a beta of 2.94. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $25.52. The firm’s fifty day moving average price is $17.02 and its 200-day moving average price is $13.57. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. Equities research analysts forecast that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, Director Wesley Hastie Williams sold 49,867 shares of Cipher Mining stock in a transaction on Friday, December 19th. The shares were sold at an average price of $16.08, for a total value of $801,861.36. Following the transaction, the director directly owned 158,145 shares of the company’s stock, valued at $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Cary M. Grossman sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $19.00, for a total transaction of $475,000.00. Following the completion of the sale, the director directly owned 200,530 shares in the company, valued at approximately $3,810,070. This trade represents a 11.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 444,117 shares of company stock valued at $8,340,332. 2.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC bought a new stake in Cipher Mining in the first quarter valued at $9,316,000. Goldman Sachs Group Inc. lifted its position in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after purchasing an additional 1,610,073 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Cipher Mining by 33.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 55,992 shares of the company’s stock valued at $268,000 after purchasing an additional 14,072 shares in the last quarter. Greenleaf Trust purchased a new position in shares of Cipher Mining during the second quarter valued at about $108,000. Finally, Custos Family Office LLC bought a new position in Cipher Mining in the second quarter worth about $48,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.