Cipher Mining Inc. (NASDAQ:CIFR) Receives $5.50 Consensus PT from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $5.50.

Several research analysts have weighed in on CIFR shares. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Canaccord Genuity Group restated a “buy” rating and set a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Friday, May 17th. Finally, HC Wainwright upped their target price on shares of Cipher Mining from $4.50 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday, May 7th.

Cipher Mining Stock Up 4.9 %

Cipher Mining stock opened at $4.09 on Wednesday. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $5.75. The firm’s fifty day moving average is $4.21 and its 200 day moving average is $3.55. The company has a market capitalization of $1.27 billion, a PE ratio of 68.18 and a beta of 2.32.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.12. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The firm had revenue of $43.42 million for the quarter, compared to the consensus estimate of $35.73 million. As a group, sell-side analysts predict that Cipher Mining will post -0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its position in Cipher Mining by 19.4% during the first quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock valued at $317,000 after buying an additional 10,019 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Cipher Mining during the first quarter valued at about $59,000. Gabelli Funds LLC grew its position in Cipher Mining by 25.0% during the first quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after buying an additional 10,000 shares during the period. Vident Advisory LLC grew its position in Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares during the period. Finally, Vanguard Group Inc. boosted its position in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the period. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.