Cantor Fitzgerald Reaffirms Overweight Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a note issued to investors on Tuesday,Benzinga reports. They presently have a $11.00 price objective on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 117.82% from the company’s previous close.

CIFR has been the topic of a number of other reports. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities upped their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, BTIG Research raised their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. 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.com, Cipher Mining has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Stock Down 6.3 %

Shares of NASDAQ CIFR opened at $5.05 on Tuesday. The firm has a fifty day simple moving average of $6.10 and a two-hundred day simple moving average of $4.93. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.76 billion, a PE ratio of -38.84 and a beta of 2.38.

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

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 11.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,446,623 shares of company stock worth $9,000,561. Insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Amalgamated Bank raised its stake in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining in the third quarter worth $33,000. Xponance Inc. bought a new stake in shares of Cipher Mining during the 2nd quarter valued at $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining during the 3rd quarter valued at $45,000. Finally, Prospect Financial Services LLC bought a new position in Cipher Mining in the 3rd quarter worth $47,000. Hedge funds and other institutional investors 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.