Northland Securities Forecasts Strong Price Appreciation for Cipher Mining (NASDAQ:CIFR) Stock

Cipher Mining (NASDAQ:CIFR) had its price objective lifted by investment analysts at Northland Securities from $6.00 to $8.50 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Northland Securities’ price target indicates a potential upside of 37.32% from the company’s current price.

CIFR has been the subject of several other reports. BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Finally, Macquarie lifted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Eight investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Cipher Mining presently has an average rating of “Buy” and an average price target of $8.03.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $6.19 on Wednesday. The business’s 50-day moving average price is $5.42 and its 200-day moving average price is $4.65. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of -47.61 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the previous year, the firm earned ($0.07) earnings per share. Equities research analysts forecast that Cipher Mining will post -0.18 EPS for the current year.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $2.87, for a total value of $5,456,191.44. Following the transaction, the insider now directly owns 102,044,892 shares in the company, valued at $292,868,840.04. This trade represents a 1.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now owns 619,148 shares of the company’s stock, valued at $2,439,443.12. This trade represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,395,727 shares of company stock valued at $20,233,244 in the last 90 days. 2.25% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position 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 buying an additional 2,164,383 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Cipher Mining during the first quarter valued at about $59,000. California State Teachers Retirement System boosted its holdings 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 worth $317,000 after purchasing an additional 10,019 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Cipher Mining by 16.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 122,481 shares of the company’s stock worth $508,000 after purchasing an additional 17,254 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in Cipher Mining by 13.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 149,659 shares of the company’s stock worth $621,000 after purchasing an additional 17,355 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

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.