Cipher Mining Scores Moderate Buy Rating Amid Rising Bitcoin Demand

Cipher Mining Inc., a US-based bitcoin mining company, has received an average rating of 'Moderate Buy' from nineteen research firms. The analysts have given the stock a range of ratings, with one firm issuing a sell rating and one holding a hold rating. However, fifteen research firms have given Cipher Mining a buy rating, while two have issued a strong buy rating. According to MarketBeat.com, the average 1-year price objective among brokers is $29.5833.

The company's CEO, Tyler Page, sold 112,500 shares of Cipher Mining stock on July 8th at an average price of $21.19 per share. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan and resulted in a decrease in the CEO's ownership stake to 1.22%.

Cipher Mining has developed mining facilities in the US, including sites in Texas, and is focused on securing access to power and expanding its digital infrastructure. The company reported earnings per share of ($0.65) for the quarter, missing the consensus estimate of ($0.25). Cipher Mining had a revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million.