Cipher Mining (NASDAQ:CIFR) Receives “Overweight” Rating from Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a report issued on Thursday, Benzinga reports. They currently have a $9.00 target price on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 139.36% from the company’s previous close.

CIFR has been the subject of several other research reports. Macquarie initiated coverage on shares of Cipher Mining in a research report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Compass Point increased their price target on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, Northland Securities began coverage on Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price on the stock. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $7.21.

Cipher Mining Price Performance

NASDAQ:CIFR traded down $0.09 during trading hours on Thursday, reaching $3.76. The company had a trading volume of 2,366,708 shares, compared to its average volume of 9,024,898. 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 50-day moving average of $3.79 and a two-hundred day moving average of $4.22. Cipher Mining has a one year low of $2.15 and a one year high of $7.99. The firm has a market capitalization of $1.17 billion, a PE ratio of 62.67 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $39.17 million. During the same quarter in the prior year, the business earned ($0.05) earnings per share. Analysts forecast that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the sale, the insider now owns 103,946,004 shares in the company, valued at $284,812,050.96. The disclosure for this sale can be found here. Insiders sold a total of 6,462,980 shares of company stock worth $20,795,679 over the last three months. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. 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 worth $25,000 after buying an additional 4,557 shares in the last quarter. Xponance Inc. acquired a new position in shares of Cipher Mining during the 2nd quarter valued at $45,000. Janney Montgomery Scott LLC acquired a new position in shares of Cipher Mining during the 1st quarter valued at $52,000. Price T Rowe Associates Inc. MD bought a new position in Cipher Mining during the first quarter worth $59,000. Finally, B. Riley Wealth Advisors Inc. grew its holdings in Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after purchasing an additional 5,000 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.