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 research report report published on Friday,Benzinga reports. Needham & Company LLC currently has a $7.50 price target on the stock.

Other equities research analysts have also recently issued research reports about the stock. Macquarie lifted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating for the company. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Finally, Northland Securities raised their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $5.73 on Friday. The stock has a market cap of $1.99 billion, a PE ratio of -44.07 and a beta of 2.38. Cipher Mining has a 1 year low of $2.40 and a 1 year high of $7.99. The firm has a fifty day moving average price of $5.67 and a 200-day moving average price of $4.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm earned ($0.07) earnings per share. Equities analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related 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 completion of the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 356,881 shares of company stock valued at $2,388,389. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CIFR. Victory Capital Management Inc. grew its stake in shares of Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after purchasing an additional 2,101 shares during the period. Vima LLC increased its holdings in Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares in the last quarter. Verition Fund Management LLC raised its position in shares of Cipher Mining by 30.7% in the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after acquiring an additional 3,086 shares during the period. Tobam boosted its stake in shares of Cipher Mining by 22.7% during the 4th quarter. Tobam now owns 18,023 shares of the company’s stock worth $84,000 after acquiring an additional 3,336 shares in the last quarter. Finally, Strategic Blueprint LLC increased its stake in shares of Cipher Mining by 33.3% in the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after purchasing an additional 5,000 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.