Cipher Mining (NASDAQ:CIFR) Rating Reiterated by Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a report issued on Friday, Benzinga reports. They currently have a $5.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 24.07% from the stock’s previous close.

CIFR has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Canaccord Genuity Group restated a “buy” rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Finally, HC Wainwright lifted their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $5.58.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $4.03 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $5.75. The company has a market capitalization of $1.25 billion, a P/E ratio of 67.18 and a beta of 2.28. The stock has a 50 day moving average price of $4.02 and a two-hundred day moving average price of $3.63.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The business had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.08, for a total value of $1,202,828.88. Following the completion of the transaction, the insider now directly owns 118,519,768 shares in the company, valued at approximately $483,560,653.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 1,498,872 shares of company stock worth $5,821,931. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Cipher Mining by 30.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock valued at $185,000 after acquiring an additional 10,998 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after buying an additional 358,897 shares during the last quarter. Wolverine Asset Management LLC purchased a new position in Cipher Mining in the fourth quarter worth about $49,000. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 40.3% in the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock worth $8,130,000 after buying an additional 564,956 shares in the last quarter. Finally, Swiss National Bank purchased a new stake in shares of Cipher Mining during the third quarter valued at approximately $255,000. Hedge funds and other institutional investors 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.