Cipher Mining’s (CIFR) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Friday, Benzinga reports. The brokerage currently has a $7.00 target price on the stock.

CIFR has been the topic of a number of other research reports. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Compass Point boosted their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Friday. Macquarie started coverage on Cipher Mining in a report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price objective for the company. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and a consensus target price of $7.36.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $5.25 on Friday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -40.38 and a beta of 2.18. The business’s 50 day moving average is $3.96 and its two-hundred day moving average is $4.27. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. 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 (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a negative return on equity of 8.57% and a negative net margin of 33.39%. During the same quarter in the prior year, the business posted ($0.05) earnings per share. Research analysts expect that Cipher Mining will post -0.06 EPS for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 value of $5,209,046.88. Following the completion of 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. Insiders have sold a total of 6,943,078 shares of company stock valued at $23,609,769 over the last quarter. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CIFR. Amalgamated Bank increased 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 purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining during the 3rd quarter valued at $33,000. Xponance Inc. acquired a new stake in shares of Cipher Mining during the 2nd quarter worth $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining in the 3rd quarter worth $45,000. Finally, Prospect Financial Services LLC acquired a new position in Cipher Mining in the third quarter valued at $47,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.