Cipher Mining (NASDAQ:CIFR) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note published on Friday morning,Benzinga reports. Needham & Company LLC currently has a $7.50 price objective on the stock.

Several other equities research analysts have also recently weighed in on CIFR. 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 lifted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research boosted their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Northland Securities raised their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Up 21.9 %

CIFR opened at $5.73 on Friday. Cipher Mining has a fifty-two week low of $2.40 and a fifty-two week high of $7.99. 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 fifty day moving average of $5.69 and a 200 day moving average of $5.00.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations 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 business earned ($0.07) EPS. As a group, sell-side analysts forecast that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

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

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its position in shares of Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the period. Farther Finance Advisors LLC purchased a new stake in Cipher Mining during the third quarter worth $33,000. KBC Group NV purchased a new stake in Cipher Mining during the fourth quarter worth $46,000. Apollon Wealth Management LLC bought a new stake in Cipher Mining during the 4th quarter valued at $49,000. Finally, Xponance Inc. purchased a new position in shares of Cipher Mining in the 2nd quarter valued at $45,000. 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.