Cipher Mining (NASDAQ:CIFR) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report report published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $7.50 target price on the stock.

CIFR has been the subject of a number of other research reports. Northland Securities boosted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. BTIG Research raised their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $5.53 on Tuesday. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -42.54 and a beta of 2.38. The stock has a 50-day moving average of $5.87 and a 200 day moving average of $4.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business posted ($0.07) EPS. Sell-side analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction on Friday, November 8th. The stock was 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 of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,356,881 shares of company stock worth $8,608,389 over the last three months. 2.25% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers grew its position in shares of Cipher Mining by 253.7% in the 2nd quarter. Rhumbline Advisers now owns 226,905 shares of the company’s stock worth $942,000 after acquiring an additional 162,749 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in 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 purchasing an additional 4,256 shares during the period. American Century Companies Inc. increased its stake in Cipher Mining by 129.4% during the second quarter. American Century Companies Inc. now owns 176,783 shares of the company’s stock valued at $734,000 after purchasing an additional 99,736 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Cipher Mining during the second quarter worth $2,142,000. Finally, Amalgamated Bank lifted its position in shares of 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 buying an additional 4,557 shares during the last quarter. 12.26% of the stock is 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.