Needham & Company LLC Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $7.50 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 59.57% from the stock’s current price.

Several other brokerages have also recently weighed in on CIFR. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Northland Securities boosted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, BTIG Research increased their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Trading Up 4.4 %

NASDAQ CIFR opened at $4.70 on Friday. Cipher Mining has a twelve month low of $2.40 and a twelve month high of $7.99. The business’s fifty day moving average is $5.72 and its 200 day moving average is $5.00. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -36.15 and a beta of 2.38.

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 the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business posted ($0.07) EPS. As a group, sell-side analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 356,881 shares of company stock valued at $2,388,389 in the last three months. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP bought a new position in shares of Cipher Mining during the second quarter valued at about $2,142,000. Xponance Inc. bought a new position in shares of Cipher Mining during the 2nd quarter worth approximately $45,000. AQR Capital Management LLC lifted its position in shares of Cipher Mining by 55.3% during the 2nd quarter. AQR Capital Management LLC now owns 69,789 shares of the company’s stock worth $290,000 after buying an additional 24,842 shares in the last quarter. Millennium Management LLC boosted 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 worth $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Cipher Mining by 246.2% in the second quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after acquiring an additional 47,738 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.