Cipher Mining (NASDAQ:CIFR) Upgraded to “Strong-Buy” by Northland Capmk

Cipher Mining (NASDAQ:CIFR) was upgraded by analysts at Northland Capmk to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports.

CIFR has been the topic of a number of other reports. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Thursday, August 29th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Tuesday, September 3rd. Compass Point lifted their price objective on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Northland Securities initiated coverage on Cipher Mining in a report on Wednesday. They issued an “outperform” rating and a $6.00 price objective on the stock. 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 company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $7.21.

Cipher Mining Price Performance

CIFR stock opened at $3.86 on Wednesday. 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 stock has a market cap of $1.20 billion, a price-to-earnings ratio of 64.33 and a beta of 2.24. The business has a fifty day moving average of $4.01 and a two-hundred day moving average of $4.20.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same period last year, the company earned ($0.05) EPS. As a group, research analysts anticipate that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Buying and Selling

In other Cipher Mining 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 value of $3,798,082.12. Following the sale, the insider now owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 6,803,255 shares of company stock valued at $22,224,612 in the last three months. 2.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of CIFR. Hel Ved Capital Management Ltd purchased a new stake in shares of Cipher Mining during the 4th quarter worth $1,310,000. First Financial Bankshares Inc acquired a new stake in Cipher Mining in the fourth quarter valued at $9,901,000. Shariaportfolio Inc. purchased a new stake in Cipher Mining during the 4th quarter worth about $2,460,000. Cantor Fitzgerald L. P. purchased a new stake in Cipher Mining during the 4th quarter worth about $747,000. Finally, Virtu Financial LLC acquired a new position in shares of Cipher Mining during the 4th quarter worth about $202,000. 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.