Cipher Mining (NASDAQ:CIFR) Now Covered by Analysts at Northland Securities

Northland Securities initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Wednesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $6.00 target price on the stock.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald reissued an overweight rating and set a $9.00 price objective on shares of Cipher Mining in a report on Tuesday, September 3rd. Needham & Company LLC increased their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a buy rating in a report on Wednesday, August 14th. Macquarie initiated coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They set an outperform rating and a $6.00 price objective for the company. Canaccord Genuity Group reiterated a buy rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Compass Point boosted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a buy rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Buy and an average price target of $7.21.

Cipher Mining Price Performance

Cipher Mining stock opened at $4.11 on Wednesday. The business’s 50 day simple moving average is $3.93 and its 200 day simple moving average is $4.20. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 68.50 and a beta of 2.24. 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 issued its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The firm had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same quarter last year, the business earned ($0.05) earnings per share. Sell-side analysts forecast that Cipher Mining will post -0.05 EPS for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,462,980 shares of company stock valued at $20,795,679. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank grew its holdings in Cipher Mining by 321.8% in the second 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. Janney Montgomery Scott LLC bought a new stake in Cipher Mining in the first quarter worth $52,000. Xponance Inc. purchased a new stake in shares of Cipher Mining in the second quarter worth $45,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Cipher Mining in the 1st quarter worth about $59,000. Finally, SG Americas Securities LLC bought a new position in Cipher Mining in the 1st quarter worth about $74,000. 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.