Cipher Mining (NASDAQ:CIFR) Earns Buy Rating from HC Wainwright

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 33.33% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Macquarie initiated coverage on shares of Cipher Mining in a research report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Compass Point raised their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $7.36.

Cipher Mining Stock Performance

CIFR stock opened at $5.25 on Friday. The firm has a 50 day moving average of $3.96 and a two-hundred day moving average of $4.27. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -40.38 and a beta of 2.18. The company has a quick ratio of 8.49, a current 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) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 net margin of 33.39% and a negative return on equity of 8.57%. During the same period in the prior year, the company posted ($0.05) earnings per share. As a group, equities analysts anticipate that Cipher Mining will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction 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 trade represents 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 three months. 2.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the period. Millennium Management LLC boosted its stake in 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 buying an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp grew its position in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the period. Vident Advisory LLC raised its stake in Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after acquiring an additional 1,090,811 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after acquiring an additional 389,079 shares during the period. Institutional investors and hedge funds 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.