Cipher Mining (NASDAQ:CIFR) Coverage Initiated by Analysts at Northland Securities

Research analysts at Northland Securities began coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Wednesday, Marketbeat reports. The brokerage set an “outperform” rating and a $6.00 price target on the stock. Northland Securities’ target price suggests a potential upside of 74.42% from the stock’s current price.

Several other research analysts have also commented on the stock. Macquarie began coverage on shares of Cipher Mining in a report on Tuesday. They issued an “outperform” rating and a $6.00 price objective for the company. Needham & Company LLC upped their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Tuesday, September 3rd. Compass Point upped their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining has an average rating of “Buy” and an average price target of $7.21.

Cipher Mining Trading Up 15.1 %

NASDAQ:CIFR opened at $3.44 on Wednesday. The company has a fifty day moving average of $4.07 and a 200 day moving average of $4.20. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.07 billion, a P/E ratio of 57.33 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last posted 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 net margin of 11.43% and a return on equity of 3.41%. The company had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same period in the prior year, the business posted ($0.05) EPS. On average, research analysts predict that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $2.87, for a total value of $5,456,191.44. Following the sale, the insider now directly owns 102,044,892 shares of the company’s stock, valued at approximately $292,868,840.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 6,803,255 shares of company stock valued at $22,224,612 in the last three months. 2.25% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its holdings in shares of Cipher Mining by 21.7% during the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after acquiring an additional 4,256 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after acquiring an additional 5,000 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining during the 1st quarter valued at about $52,000. Finally, Gabelli Funds LLC boosted its holdings in shares of Cipher Mining by 25.0% during the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after acquiring an additional 10,000 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.