Cipher Mining (NASDAQ:CIFR) Given Buy Rating at Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $7.50 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 52.13% from the stock’s previous close.

CIFR has been the subject of several other research reports. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Compass Point upped their price target 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. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Macquarie assumed coverage on Cipher Mining in a report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating and two have assigned 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 $7.36.

Cipher Mining Price Performance

CIFR stock opened at $4.93 on Friday. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. 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 stock has a market cap of $1.65 billion, a price-to-earnings ratio of 82.18 and a beta of 2.25. The company has a 50 day simple moving average of $3.94 and a 200 day simple moving average of $4.25.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same period in the prior year, the company earned ($0.05) EPS. Research analysts anticipate that Cipher Mining will post -0.06 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. This trade represents a 0.00 % decrease in their position. 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 90 days. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its holdings in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining in the 3rd quarter valued at about $33,000. W Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter valued at about $45,000. Sippican Capital Advisors acquired a new position in Cipher Mining during the 3rd quarter valued at about $72,000. Finally, Strategic Blueprint LLC increased its holdings in Cipher Mining by 33.3% during the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.