Cipher Mining (NASDAQ:CIFR) Lifted to “Strong-Buy” at Northland Capmk

Northland Capmk upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other brokerages also recently issued reports on CIFR. Needham & Company LLC upped their price objective on Cipher Mining from $5.00 to $7.50 and gave the company a buy rating in a research report on Wednesday, August 14th. Stifel Canada upgraded Cipher Mining to a strong-buy rating in a research report on Tuesday, August 6th. Canaccord Genuity Group restated a buy rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Thursday, August 29th. HC Wainwright upped their price objective on Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research report on Thursday, June 6th. Finally, Cantor Fitzgerald restated an overweight rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Tuesday, September 3rd. One research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $7.21.

Cipher Mining Stock Down 0.7 %

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

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the prior year, the company earned ($0.05) earnings per share. Analysts predict that Cipher Mining will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now directly owns 109,911,187 shares in the company, valued at $684,746,695.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now directly owns 109,911,187 shares in the company, valued at $684,746,695.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider William Iwaschuk sold 150,000 shares of the firm’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 transaction, the insider now owns 619,148 shares in the company, 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. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the period. Millennium Management LLC grew its stake in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Cipher Mining by 0.8% in the second quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after buying an additional 22,086 shares in the last quarter. First Financial Bankshares Inc acquired a new stake in shares of Cipher Mining in the fourth quarter valued at about $9,901,000. Finally, Vident Advisory LLC grew its stake in shares of Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares in the last quarter. 12.26% of the stock is currently 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.