Needham & Company LLC Reaffirms “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $7.50 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 42.86% from the company’s current price.

CIFR has been the topic of a number of other research reports. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Compass Point upped their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price for the company. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $7.36.

Cipher Mining Stock Up 6.5 %

Cipher Mining stock opened at $5.25 on Friday. 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 has a 1-year low of $2.15 and a 1-year high of $7.99. The company has a fifty day simple moving average of $3.96 and a 200 day simple moving average of $4.27. 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 announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share 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 company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same quarter last year, the company earned ($0.05) EPS. Research analysts anticipate that Cipher Mining will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the transaction, the insider now directly owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. 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 through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction 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 $2,439,443.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,943,078 shares of company stock valued at $23,609,769. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently added to or reduced their stakes in CIFR. Van ECK Associates Corp raised its holdings in Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining in the third quarter valued at about $33,000. W Advisors LLC bought a new stake in Cipher Mining during the third quarter worth about $45,000. Sippican Capital Advisors acquired a new stake in Cipher Mining during the third quarter worth about $72,000. Finally, Strategic Blueprint LLC grew its stake in Cipher Mining by 33.3% during the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after buying an additional 5,000 shares in the last quarter. 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.