Cipher Mining (NASDAQ:CIFR) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Tuesday morning, Benzinga reports. The firm currently has a $9.00 target price on the stock.

Several other equities analysts have also recently commented on the company. HC Wainwright boosted their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a buy rating in a research report on Thursday, June 6th. Canaccord Genuity Group reissued a buy rating and set a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. Stifel Canada upgraded shares of Cipher Mining to a strong-buy rating in a research report on Tuesday, August 6th. Needham & Company LLC lifted their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a buy rating in a research report on Wednesday, August 14th. Finally, Compass Point boosted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a buy rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $7.42.

Cipher Mining Price Performance

CIFR stock opened at $2.70 on Tuesday. The firm has a 50 day moving average of $4.54 and a 200-day moving average of $4.21. The firm has a market capitalization of $837.08 million, a P/E ratio of 45.00 and a beta of 2.24. 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 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 319,747 shares of Cipher Mining stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $4.21, for a total transaction of $1,346,134.87. Following the transaction, the insider now directly owns 115,790,611 shares of the company’s stock, valued at $487,478,472.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 5,704,619 shares of company stock valued at $24,204,443 over the last quarter. 2.25% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Several institutional investors have recently added to or reduced their stakes in CIFR. Victory Capital Management Inc. increased its holdings in shares of Cipher Mining by 21.7% in the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock worth $99,000 after buying an additional 4,256 shares during the period. Amalgamated Bank increased its stake in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in Cipher Mining by 50.0% in the fourth 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 during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining during the first quarter valued at approximately $52,000. Finally, Gabelli Funds LLC grew its holdings in shares of Cipher Mining by 25.0% in the first quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock worth $258,000 after purchasing an additional 10,000 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.