Needham & Company LLC Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $5.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 3.95% from the stock’s previous close.

Several other brokerages also recently commented on CIFR. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright reissued a “buy” rating and issued a $4.50 price target on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $5.50 price target on shares of Cipher Mining in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Cipher Mining Stock Up 5.5 %

Cipher Mining stock opened at $4.81 on Monday. Cipher Mining has a 1-year low of $1.76 and a 1-year high of $5.75. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -48.10 and a beta of 2.21. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02. The firm has a 50 day simple moving average of $3.91 and a 200 day simple moving average of $3.40.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. The business had revenue of $43.42 million during the quarter, compared to analyst estimates of $35.73 million. On average, analysts predict that Cipher Mining will post -0.15 earnings per share for the current year.

Institutional Trading of Cipher Mining

Hedge funds have recently made changes to their positions in the stock. Sloy Dahl & Holst LLC purchased a new position in Cipher Mining in the 4th quarter worth $44,000. New York State Common Retirement Fund raised its position in Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares during the period. Wolverine Asset Management LLC purchased a new position in Cipher Mining in the 4th quarter worth $49,000. Bellecapital International Ltd. purchased a new position in Cipher Mining in the 4th quarter worth $51,000. Finally, Calamos Advisors LLC purchased a new position in Cipher Mining in the 4th quarter worth $52,000. 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.