Cipher Mining (NASDAQ:CIFR) Lifted to Strong-Buy at Northland Capmk

Northland Capmk upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports.

Other research analysts have also issued reports about the company. Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a buy rating in a research report on Thursday, August 15th. 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. Cantor Fitzgerald reiterated an overweight rating and set a $9.00 target price on shares of Cipher Mining in a report on Tuesday, September 3rd. HC Wainwright raised their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a report on Thursday, June 6th. Finally, Needham & Company LLC boosted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a buy rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $7.21.

Cipher Mining Stock Down 0.7 %

Shares of NASDAQ:CIFR opened at $4.11 on Wednesday. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 68.50 and a beta of 2.24. The stock’s 50-day moving average price is $3.93 and its two-hundred day moving average price is $4.20. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99.

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

Insider Buying and Selling

In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider William Iwaschuk sold 150,000 shares of Cipher Mining 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 sale, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 stock was 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 in the company, valued at approximately $284,812,050.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,462,980 shares of company stock valued at $20,795,679. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Millennium Management LLC raised its stake in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Cipher Mining by 0.8% during the second quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after purchasing an additional 22,086 shares during the last quarter. First Financial Bankshares Inc acquired a new position in Cipher Mining in the fourth quarter worth about $9,901,000. Finally, Vident Advisory LLC increased its holdings in Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

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.