Cipher Mining (NASDAQ:CIFR) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note published on Monday morning, Benzinga reports. Needham & Company LLC currently has a $5.00 price objective on the stock.

CIFR has been the topic of several other reports. HC Wainwright reaffirmed a buy rating and set a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. Canaccord Genuity Group reiterated a buy rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $5.25.

Cipher Mining Price Performance

CIFR stock opened at $4.56 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company’s fifty day moving average price is $3.88 and its 200-day moving average price is $3.39. Cipher Mining has a one year low of $1.76 and a one year high of $5.75. The company has a market capitalization of $1.35 billion, a PE ratio of -45.60 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.12. The business had revenue of $43.42 million during the quarter, compared to the consensus estimate of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. On average, equities analysts anticipate that Cipher Mining will post -0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Cipher Mining by 79.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 132,304 shares of the company’s stock worth $681,000 after purchasing an additional 58,659 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $542,000. Nomura Holdings Inc. bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $213,000. Quadrature Capital Ltd purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $513,000. Finally, B. Riley Wealth Advisors Inc. lifted its stake in shares of Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after acquiring an additional 5,000 shares during the last quarter. 12.26% of the stock is 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.