Cipher Mining’s (CIFR) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $7.50 price objective on the stock.

A number of other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Northland Securities boosted their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a report on Tuesday, December 10th. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a research note on Tuesday, January 7th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Cipher Mining has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Trading Up 0.4 %

CIFR opened at $5.53 on Tuesday. The stock has a 50-day moving average of $5.87 and a 200 day moving average of $4.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The firm has a market cap of $1.92 billion, a P/E ratio of -42.54 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the firm posted ($0.07) EPS. As a group, research analysts forecast that Cipher Mining will post -0.31 EPS for the current year.

Insider Transactions at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,356,881 shares of company stock valued at $8,608,389. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp raised its position in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after buying an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC lifted its position in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the period. Millennium Management LLC boosted its holdings in Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp grew its position in Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Tidal Investments LLC raised its stake in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the last quarter. 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.