Fintel reports that on August 2, 2023, Needham maintained coverage of Cipher Mining (NASDAQ:CIFR) with a Buy recommendation.
Analyst Price Forecast Suggests 14.85% Upside
As of August 2, 2023, the average one-year price target for Cipher Mining is 4.28. The forecasts range from a low of 3.03 to a high of $6.30. The average price target represents an increase of 14.85% from its latest reported closing price of 3.73.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Cipher Mining is 105MM, an increase of 321.39%. The projected annual non-GAAP EPS is -0.17.
What is the Fund Sentiment?
There are 172 funds or institutions reporting positions in Cipher Mining. This is a decrease of 7 owner(s) or 3.91% in the last quarter. Average portfolio weight of all funds dedicated to CIFR is 0.09%, an increase of 45.87%. Total shares owned by institutions decreased in the last three months by 16.05% to 15,050K shares. 
The put/call ratio of CIFR is 1.69, indicating a bearish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,308K shares representing 0.53% ownership of the company. No change in the last quarter.
Van Eck Associates holds 1,079K shares representing 0.43% ownership of the company. In it's prior filing, the firm reported owning 40K shares, representing an increase of 96.30%. The firm increased its portfolio allocation in CIFR by 9,969.72% over the last quarter.
Geode Capital Management holds 1,067K shares representing 0.43% ownership of the company. In it's prior filing, the firm reported owning 877K shares, representing an increase of 17.88%. The firm increased its portfolio allocation in CIFR by 369.65% over the last quarter.
VITAX - Vanguard Information Technology Index Fund Admiral Shares holds 1,054K shares representing 0.42% ownership of the company. In it's prior filing, the firm reported owning 929K shares, representing an increase of 11.84%. The firm increased its portfolio allocation in CIFR by 43.24% over the last quarter.
IWM - iShares Russell 2000 ETF holds 883K shares representing 0.35% ownership of the company. In it's prior filing, the firm reported owning 831K shares, representing an increase of 5.89%. The firm increased its portfolio allocation in CIFR by 361.90% over the last quarter.
Cipher Mining Background Information
(This description is provided by the company.)
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States.
Additional reading:
- Cipher Mining Provides First Quarter 2023 Business Update Four Data Centers Operational and Hashing at All-Time High Hash Rate Capacity of Over 6.0 Exahash per Second (“EH/s”) Purchased 11,000 Canaan A1346 Model Mining Rigs Expected to be Delivered a
- Presentation for Business Update May 9, 2023
- Cipher Mining Purchases 11,000 New Mining Machines From Canaan Inc. The 11,000 New A1346 Model Mining Machines are Scheduled to be Delivered and Energized in the Third Quarter of 2023 Purchase Will Complete the Buildout of Cipher’s Facility in Odessa
- Cipher Mining Announces Leadership Team Promotions Patrick Kelly and Will Iwaschuk to Serve as Co-Presidents Olivia Stennett to Serve as Chief Administrative Officer Fintech and Finance Veterans Will Assume Additional Leadership Responsibilities to F
- Cipher Mining Provides Fourth Quarter and Full Year 2022 Business Update Four Data Centers Operational and Hashing at All-Time High Hash Rate Capacity of ~5.2 EH/s Completion of Initial Build Out at Odessa Data Center Expected by April 2023 GAAP Dilu
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
