Cipher Mining (NASDAQ:CIFR) Coverage Initiated at Northland Securities

Analysts at Northland Securities initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a note issued to investors on Wednesday, Marketbeat.com reports. The firm set an “outperform” rating and a $6.00 price target on the stock. Northland Securities’ target price would suggest a potential upside of 74.42% from the company’s current price.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Thursday, August 29th. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC boosted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining has a consensus rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $3.44 on Wednesday. The firm’s 50-day simple moving average is $4.07 and its two-hundred day simple moving average is $4.20. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 57.33 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. As a group, equities analysts forecast that Cipher Mining will post -0.05 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $2.87, for a total value of $5,456,191.44. Following the completion of the transaction, the insider now owns 102,044,892 shares of the company’s stock, valued at approximately $292,868,840.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 6,803,255 shares of company stock valued at $22,224,612 in the last quarter. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently made changes to their positions in the business. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Xponance Inc. purchased a new stake in shares of Cipher Mining in the 2nd quarter valued at $45,000. Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining in the 1st quarter valued at $52,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Cipher Mining in the 1st quarter valued at $59,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares in the last quarter. Hedge funds and other 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.