Cipher Mining Inc. (NASDAQ:CIFR) Receives $24.82 Consensus Target Price from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given a consensus recommendation of “Moderate Buy” by the seventeen research firms that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $25.00.

Several equities analysts recently weighed in on CIFR shares. Cantor Fitzgerald cut their price objective on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Cipher Mining in a research note on Wednesday, March 25th. Morgan Stanley restated an “overweight” rating and set a $40.50 target price on shares of Cipher Mining in a research note on Monday. Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Finally, Keefe, Bruyette & Woods dropped their price target on Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th.

Cipher Mining Trading Down 5.0%

Cipher Mining stock opened at $17.26 on Wednesday. Cipher Mining has a 12 month low of $2.77 and a 12 month high of $25.52. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The stock has a market cap of $7.01 billion, a P/E ratio of -7.99 and a beta of 3.01. The company’s fifty day simple moving average is $15.57 and its 200-day simple moving average is $16.84.

Insider Activity at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 35,568 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $14.98, for a total transaction of $532,808.64. Following the transaction, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at approximately $21,593,789.84. The trade was a 2.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Cary M. Grossman sold 30,000 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $14.54, for a total transaction of $436,200.00. Following the transaction, the director owned 170,530 shares of the company’s stock, valued at approximately $2,479,506.20. The trade was a 14.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 148,229 shares of company stock worth $2,283,968. Insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CIFR. Millennium Management LLC bought a new position in Cipher Mining during the first quarter valued at about $9,316,000. Goldman Sachs Group Inc. raised its holdings in Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after acquiring an additional 1,610,073 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Cipher Mining in the 2nd quarter worth approximately $98,000. Prudential Financial Inc. lifted its position in shares of Cipher Mining by 113.7% in the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock worth $151,000 after acquiring an additional 16,810 shares during the period. Finally, XTX Topco Ltd grew its holdings in shares of Cipher Mining by 65.2% during the 2nd quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock worth $142,000 after purchasing an additional 11,725 shares in the last quarter. Institutional investors and hedge funds 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.