Cipher Mining (NASDAQ:CIFR) Price Target Raised to $6.00 at HC Wainwright

Cipher Mining (NASDAQ:CIFRGet Free Report) had its target price raised by investment analysts at HC Wainwright from $5.50 to $6.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 48.51% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on CIFR. 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. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Friday, May 17th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $5.58.

Get Our Latest Stock Report on Cipher Mining

Cipher Mining Stock Performance

Shares of CIFR stock opened at $4.04 on Thursday. Cipher Mining has a one year low of $2.15 and a one year high of $5.75. The stock has a market cap of $1.25 billion, a P/E ratio of 67.34 and a beta of 2.28. The company has a fifty day moving average price of $4.07 and a two-hundred day moving average price of $3.60. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08.

Cipher Mining (NASDAQ:CIFRGet Free Report) last posted its earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $48.14 million for the quarter, compared to analyst estimates of $50.05 million. As a group, equities analysts predict that Cipher Mining will post -0.01 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $4.08, for a total transaction of $1,202,828.88. Following the completion of the transaction, the insider now owns 118,519,768 shares of the company’s stock, valued at approximately $483,560,653.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 1,198,919 shares of company stock valued at $4,649,115. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after acquiring an additional 765,238 shares in the last quarter. First Financial Bankshares Inc bought a new stake in Cipher Mining during the 4th quarter worth $9,901,000. Vident Advisory LLC increased its holdings in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after purchasing an additional 358,897 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

(Get Free Report)

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.

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Analyst Recommendations for Cipher Mining (NASDAQ:CIFR)

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