Cipher Mining’s (CIFR) Buy Rating Reaffirmed at Needham & Company LLC

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

Other equities research analysts have also issued reports about the company. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Northland Securities lifted 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, JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research note on Tuesday, December 10th. 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, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Up 21.9 %

NASDAQ:CIFR opened at $5.73 on Friday. The company has a 50-day moving average price of $5.69 and a 200-day moving average price of $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. Cipher Mining has a 12 month low of $2.40 and a 12 month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data 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). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. On average, research analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction that occurred on 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 completion of the sale, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’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 sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,881 shares of company stock valued at $2,388,389 over the last ninety days. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp raised 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 period. Geode Capital Management LLC lifted its position in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares in the last quarter. Paloma Partners Management Co purchased a new stake in Cipher Mining in the 3rd quarter worth approximately $4,029,000. The Manufacturers Life Insurance Company raised its stake in Cipher Mining by 47.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after acquiring an additional 31,815 shares during the period. Finally, Duncan Williams Asset Management LLC purchased a new position in Cipher Mining during the third quarter valued at approximately $553,000. 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.