Cipher Mining (NASDAQ:CIFR) Price Target Raised to $30.00

Cipher Mining (NASDAQ:CIFR) had its price objective raised by equities research analysts at HC Wainwright from $25.00 to $30.00 in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 35.75% from the company’s current price.

Several other research firms also recently weighed in on CIFR. Morgan Stanley reiterated an “overweight” rating and issued a $40.50 target price on shares of Cipher Mining in a report on Monday, April 27th. Cantor Fitzgerald decreased their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Keefe, Bruyette & Woods decreased their price target on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, March 11th. Zacks Research raised shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $24.00 price target on shares of Cipher Mining in a research report on Thursday, March 26th. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.36.

Cipher Mining Stock Up 23.5%

Cipher Mining stock opened at $22.10 on Wednesday. Cipher Mining has a fifty-two week low of $2.88 and a fifty-two week high of $25.52. The company has a debt-to-equity ratio of 3.37, a quick ratio of 3.79 and a current ratio of 3.79. The firm has a 50 day moving average price of $15.79 and a 200 day moving average price of $16.80. The company has a market capitalization of $8.97 billion, a PE ratio of -10.23 and a beta of 3.13.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 367.17% and a negative return on equity of 107.05%. The company had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. The company’s revenue was down 28.8% on a year-over-year basis. Research analysts expect that Cipher Mining will post -0.9 earnings per share for the current year.

Insider Activity

In related news, Director Cary M. Grossman sold 30,000 shares of the business’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 completion of the transaction, the director owned 170,530 shares in the company, valued at approximately $2,479,506.20. The trade was a 14.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Tyler Page sold 37,500 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 8,263,862 shares in the company, valued at $133,130,816.82. This trade represents a 0.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 148,229 shares of company stock worth $2,283,968. Insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. Sherman Asset Management Inc. purchased a new position in Cipher Mining in the third quarter valued at $25,000. Los Angeles Capital Management LLC purchased a new position in Cipher Mining in the fourth quarter valued at $25,000. Arax Advisory Partners increased its holdings in Cipher Mining by 274.2% in the fourth 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 during the last quarter. GAMMA Investing LLC increased its holdings in Cipher Mining by 218.3% in the fourth 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 during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Cipher Mining in the fourth quarter valued at approximately $28,000. Hedge funds and other 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.