Cipher Mining (NASDAQ:CIFR) Upgraded by Northland Capmk to “Strong-Buy”

Northland Capmk upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a research note published on Wednesday morning, Zacks.com reports.

A number of other research analysts have also issued reports on CIFR. Northland Securities initiated coverage on Cipher Mining in a report on Wednesday. They issued an outperform rating and a $6.00 target price for the company. Cantor Fitzgerald reissued an overweight rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Tuesday, September 3rd. Macquarie began coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They issued an outperform rating and a $6.00 target price on the stock. Needham & Company LLC boosted 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. Finally, Stifel Canada upgraded shares of Cipher Mining to a strong-buy rating in a report on Tuesday, August 6th. One investment 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. According to data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $7.21.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $4.11 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The company has a market cap of $1.27 billion, a P/E ratio of 68.50 and a beta of 2.24. The stock has a 50-day moving average of $3.93 and a two-hundred day moving average of $4.20. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $39.17 million. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, analysts anticipate that Cipher Mining will post -0.05 EPS for the current year.

Insiders Place Their Bets

In other news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the transaction, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,462,980 shares of company stock valued at $20,795,679. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of CIFR. Amalgamated Bank raised its position in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the last quarter. Xponance Inc. purchased a new stake in Cipher Mining in the 2nd quarter valued at approximately $45,000. Janney Montgomery Scott LLC acquired a new stake in Cipher Mining during the 1st quarter valued at $52,000. Price T Rowe Associates Inc. MD purchased a new position in Cipher Mining during the first quarter worth $59,000. Finally, B. Riley Wealth Advisors Inc. raised its holdings in shares of Cipher Mining by 50.0% in the fourth 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 institutional investors and hedge funds.

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.