Cipher Mining (NASDAQ:CIFR) Research Coverage Started at Northland Securities

Northland Securities started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Wednesday, Marketbeat.com reports. The firm issued an outperform rating and a $6.00 price target on the stock.

A number of other research analysts have also recently weighed in on CIFR. Cantor Fitzgerald reiterated an overweight rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Tuesday, September 3rd. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a buy rating in a research report on Thursday, August 15th. HC Wainwright boosted their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research report on Thursday, June 6th. Needham & Company LLC boosted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a buy rating in a research report on Wednesday, August 14th. Finally, Canaccord Genuity Group reiterated a buy rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Thursday, August 29th. One analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $7.21.

Cipher Mining Trading Down 0.7 %

Shares of CIFR opened at $4.11 on Wednesday. The company’s fifty day moving average is $3.97 and its 200 day moving average is $4.20. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The stock has a market capitalization of $1.27 billion, a PE ratio of 68.50 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49.

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

Insider Transactions at Cipher Mining

In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $2.87, for a total value of $5,456,191.44. Following the completion of the sale, the insider now directly owns 102,044,892 shares of the company’s stock, valued at $292,868,840.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the 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 sale, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,462,980 shares of company stock worth $20,795,679. Insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares during the last quarter. Xponance Inc. purchased a new position in shares of Cipher Mining in the 2nd quarter valued at approximately $45,000. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining in the 1st quarter valued at approximately $52,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Cipher Mining in the 1st quarter valued at approximately $59,000. Finally, B. Riley Wealth Advisors Inc. raised its position in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares during the last quarter. 12.26% of the stock is 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.