Cipher Mining (NASDAQ:CIFR) Given Buy Rating at Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $7.50 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 38.12% from the company’s current price.

Other analysts have also issued research reports about the company. Northland Securities increased their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Macquarie lifted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Price Performance

NASDAQ CIFR opened at $5.43 on Tuesday. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The company has a market cap of $1.89 billion, a PE ratio of -41.77 and a beta of 2.38. The stock’s 50-day moving average price is $5.94 and its two-hundred day moving average price is $4.98.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm earned ($0.07) EPS. On average, analysts predict that Cipher Mining will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,356,881 shares of company stock valued at $8,608,389 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CIFR. State Street Corp lifted its holdings in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC lifted its position in Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. Millennium Management LLC boosted its holdings in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Van ECK Associates Corp grew its position in shares of 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 purchasing an additional 1,144,390 shares during the last quarter. Finally, Tidal Investments LLC increased its stake in shares of Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 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.