Cipher Mining’s (CIFR) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR)‘s stock had its “overweight” rating reissued by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $11.00 price objective on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 88.03% from the company’s current price.

Several other analysts also recently commented on the company. Macquarie raised their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Northland Securities upped their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $5.85 on Tuesday. The stock has a market cap of $2.03 billion, a PE ratio of -45.00 and a beta of 2.38. The stock has a 50-day moving average of $6.10 and a 200-day moving average of $4.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. Cipher Mining has a one year low of $2.15 and a one year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to the consensus estimate 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 previous year, the company posted ($0.07) EPS. As a group, sell-side analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. The trade was a 11.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,446,623 shares of company stock worth $9,000,561. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. Amalgamated Bank raised its holdings in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the third quarter worth approximately $33,000. Xponance Inc. bought a new stake in Cipher Mining in the second quarter valued at approximately $45,000. W Advisors LLC bought a new position in shares of Cipher Mining during the 3rd quarter worth approximately $45,000. Finally, Prospect Financial Services LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth approximately $47,000. 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.