Summary Points:
- Cipher Mining (CIFR, Financial) initiates a $150 million convertible senior notes offering due in 2030.
- The notes come with a 1.75% annual interest rate, convertible at a 30% premium.
- Analysts predict a potential upside of nearly 79% for CIFR, with an "Outperform" recommendation.
Cipher Mining's $150 Million Convertible Notes Offering
Cipher Mining (NASDAQ: CIFR) has announced the terms for its new $150 million convertible senior notes, set to mature in 2030. These notes will feature an attractive annual interest rate of 1.75%, with interest payments scheduled on a semi-annual basis. The offering sets an initial conversion price at $4.45 per share, marking a 30% premium above the recent closing price of $3.42. Despite the strategic move, CIFR shares experienced a 2% decline in after-hours trading.
Wall Street Analysts Forecast
According to the projections of 11 industry analysts, the one-year average target price for Cipher Mining Inc (NASDAQ: CIFR) stands at $6.76, with estimates ranging from a high of $9.00 to a low of $4.00. This average forecast suggests a significant upside potential of 78.93% from the current market price of $3.78. For an in-depth view of these estimates, you can visit the Cipher Mining Inc (CIFR, Financial) Forecast page.
The consensus from 11 brokerage firms places Cipher Mining Inc (NASDAQ: CIFR) with an average brokerage recommendation of 1.9, suggesting an "Outperform" status. This recommendation scale ranges from 1 (Strong Buy) to 5 (Sell), highlighting a bullish outlook from the investment community.
