Cipher Mining (NASDAQ:CIFR) Earns “Buy” Rating from Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity Group in a research note issued to investors on Friday, Benzinga reports. They presently have a $7.00 price objective on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 34.10% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Macquarie started coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Seven equities research 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.com, the stock currently has a consensus rating of “Buy” and an average price target of $7.36.

Cipher Mining Trading Up 5.9 %

Shares of Cipher Mining stock traded up $0.29 during trading on Friday, hitting $5.22. 10,813,013 shares of the company were exchanged, compared to its average volume of 9,107,809. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The firm’s fifty day moving average price is $3.94 and its 200 day moving average price is $4.25. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99. The firm has a market capitalization of $1.75 billion, a P/E ratio of 87.01 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period in the previous year, the business earned ($0.05) earnings per share. As a group, sell-side analysts expect that Cipher Mining will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of Cipher Mining 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 owns 619,148 shares in the company, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,943,078 shares of company stock worth $23,609,769 in the last three months. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in Cipher Mining during the second quarter worth $1,332,000. Swiss National Bank increased its holdings in shares of Cipher Mining by 27.0% during the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after acquiring an additional 26,700 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after acquiring an additional 389,079 shares during the last quarter. Finally, Duncan Williams Asset Management LLC bought a new stake in Cipher Mining in the 3rd quarter valued at about $553,000. Institutional investors and hedge funds 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.