Northland Securities Initiates Coverage on Cipher Mining (NASDAQ:CIFR)

Northland Securities started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report published on Wednesday, MarketBeat.com reports. The firm issued an outperform rating and a $6.00 price target on the stock.

A number of other research analysts have also issued reports on CIFR. Needham & Company LLC increased their target price on Cipher Mining from $5.00 to $7.50 and gave the company a buy rating in a research report on Wednesday, August 14th. Macquarie started coverage on Cipher Mining in a research report on Tuesday. They set an outperform rating and a $6.00 target price on the stock. Cantor Fitzgerald reiterated an overweight rating and set a $9.00 target price on shares of Cipher Mining in a research report on Tuesday, September 3rd. Stifel Canada upgraded Cipher Mining to a strong-buy rating in a research report on Tuesday, August 6th. Finally, Canaccord Genuity Group restated a buy rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Buy and an average target price of $7.21.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $4.11 on Wednesday. The company has a market cap of $1.27 billion, a PE ratio of 68.50 and a beta of 2.24. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The company’s 50 day moving average is $3.97 and its 200 day moving average is $4.20. 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 issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter last year, the company earned ($0.05) EPS. On average, sell-side analysts forecast that Cipher Mining will post -0.05 EPS for the current year.

Insider Transactions at Cipher Mining

In other news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was 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 approximately $2,439,443.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total value of $3,798,082.12. Following the sale, the insider now directly owns 109,911,187 shares of the company’s stock, valued at $684,746,695.01. The disclosure for this sale can be found here. Insiders have sold a total of 6,462,980 shares of company stock worth $20,795,679 in the last quarter. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its position in 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 acquiring an additional 4,557 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Cipher Mining in the 1st quarter valued at about $52,000. Xponance Inc. acquired a new position in Cipher Mining in the 2nd quarter valued at about $45,000. Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining in the 1st quarter valued at about $59,000. Finally, SG Americas Securities LLC acquired a new position in Cipher Mining in the 1st quarter valued at about $74,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.