Cipher Mining (NASDAQ:CIFR) Given New $5.50 Price Target at HC Wainwright

Cipher Mining (NASDAQ:CIFR) had its price objective raised by HC Wainwright from $4.50 to $5.50 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

CIFR has been the subject of several other research reports. Canaccord Genuity Group restated a buy rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Cantor Fitzgerald restated an overweight rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Needham & Company LLC reiterated a buy rating and issued a $5.00 target price on shares of Cipher Mining in a report on Monday, April 22nd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of Moderate Buy and a consensus price target of $5.42.

Cipher Mining Trading Down 15.2 %

NASDAQ:CIFR opened at $3.79 on Tuesday. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -37.90 and a beta of 2.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. Cipher Mining has a 1 year low of $1.76 and a 1 year high of $5.75. The business has a fifty day moving average of $4.02 and a 200-day moving average of $3.51.

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

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of CIFR. Janney Montgomery Scott LLC acquired a new stake in shares of Cipher Mining in the first quarter worth about $52,000. Sloy Dahl & Holst LLC acquired a new stake in Cipher Mining in the 4th quarter worth approximately $44,000. New York State Common Retirement Fund boosted its position in Cipher Mining by 104.9% during the third 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 acquired a new position in Cipher Mining during the fourth quarter valued at approximately $49,000. Finally, Bellecapital International Ltd. acquired a new position in Cipher Mining during the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.