Cipher Mining’s (CIFR) Buy Rating Reiterated at Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $7.50 target price on the stock. Needham & Company LLC’s price target points to a potential upside of 38.12% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Macquarie lifted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. BTIG Research increased their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Northland Securities lifted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Performance

Shares of CIFR opened at $5.43 on Tuesday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -41.77 and a beta of 2.38. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $5.94 and its two-hundred day moving average is $4.98. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million during the quarter, compared to analyst estimates 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 period in the prior year, the company earned ($0.07) earnings per share. Analysts forecast that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,356,881 shares of company stock worth $8,608,389 in the last three months. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. Nisa Investment Advisors LLC grew its holdings in Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in shares of Cipher Mining by 25.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 182,897 shares of the company’s stock valued at $849,000 after purchasing an additional 37,162 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Cipher Mining in the 4th quarter worth approximately $51,000. JPMorgan Chase & Co. raised its holdings in shares of Cipher Mining by 9.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock worth $605,000 after purchasing an additional 13,996 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. 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.