Cipher Mining’s (CIFR) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Friday, Benzinga reports. They currently have a $7.00 price objective on the stock.

Other equities analysts have also issued reports about the stock. Compass Point increased their price objective 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. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research note on Friday. Macquarie started coverage on Cipher Mining in a research report on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 target price on the stock. Northland Securities began coverage on Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average target price of $7.36.

Cipher Mining Stock Up 6.5 %

Shares of Cipher Mining stock opened at $5.25 on Friday. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The firm’s 50 day moving average price is $3.96 and its 200-day moving average price is $4.27. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.76 billion, a P/E ratio of -40.38 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a negative return on equity of 8.57% and a negative net margin of 33.39%. The firm had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the prior year, the business posted ($0.05) EPS. On average, sell-side analysts predict that Cipher Mining will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the sale, the insider now directly owns 103,946,004 shares of the company’s stock, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction on 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 transaction, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the sale, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,943,078 shares of company stock worth $23,609,769. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of CIFR. Millennium Management LLC increased its position in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Vanguard Group Inc. increased its holdings in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp raised its position in Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares during the period. Vident Advisory LLC lifted its holdings in Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Cipher Mining in the second quarter valued at about $2,142,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.