Cipher Mining’s (CIFR) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a $9.00 price target on the stock.

Several other research firms have also issued reports on CIFR. HC Wainwright upped their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Compass Point increased their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a buy rating in a research note on Thursday, August 15th. Stifel Canada upgraded Cipher Mining to a strong-buy rating in a research note on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a buy rating and issued a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. Finally, Needham & Company LLC lifted their price target on Cipher Mining from $5.00 to $7.50 and gave the stock a buy rating in a report on Wednesday, August 14th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of Buy and an average target price of $7.42.

Cipher Mining Price Performance

CIFR stock opened at $2.70 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The business has a 50-day simple moving average of $4.54 and a two-hundred day simple moving average of $4.21. The company has a market capitalization of $837.08 million, a P/E ratio of 45.00 and a beta of 2.24. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Research analysts expect that Cipher Mining will post -0.05 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 336,377 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $4.58, for a total value of $1,540,606.66. Following the transaction, the insider now owns 115,145,728 shares in the company, valued at $527,367,434.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 5,704,619 shares of company stock worth $24,204,443 in the last quarter. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank boosted 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 period. Janney Montgomery Scott LLC bought a new position in Cipher Mining in the 1st quarter worth approximately $52,000. Xponance Inc. purchased a new position in Cipher Mining in the 2nd quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining during the 1st quarter valued at $59,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Cipher Mining during the first quarter worth $74,000. 12.26% of the stock is currently owned by 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.