Cipher Mining’s (CIFR) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Thursday,Benzinga reports. They currently have a $8.00 price target on the stock.

A number of other equities research analysts also recently weighed in on CIFR. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Wednesday. Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a research report on Tuesday. JPMorgan Chase & Co. downgraded Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Finally, Needham & Company LLC cut their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Trading Down 4.5 %

Shares of CIFR opened at $2.98 on Thursday. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.99. The business has a 50-day moving average of $2.80 and a 200 day moving average of $4.70. The firm has a market cap of $1.11 billion, a P/E ratio of -22.92 and a beta of 2.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). The company had revenue of $48.96 million for the quarter, compared to analysts’ expectations of $53.57 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. As a group, research analysts forecast that Cipher Mining will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its stake in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after buying an additional 5,432 shares during the period. NewEdge Advisors LLC bought a new position in Cipher Mining during the 4th quarter worth about $29,000. KBC Group NV bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $46,000. Rafferty Asset Management LLC purchased a new stake in shares of Cipher Mining in the 4th quarter worth approximately $49,000. Finally, Apollon Wealth Management LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $49,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.