Canaccord Genuity Group Reaffirms Buy Rating for Cipher Mining (NASDAQ:CIFR)

Canaccord Genuity Group restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a $7.00 target price on the stock.

Several other research firms have also recently weighed in on CIFR. Compass Point boosted their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $7.36.

Cipher Mining Price Performance

CIFR stock opened at $5.04 on Friday. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of -38.77 and a beta of 2.18. 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 company has a 50 day simple moving average of $3.98 and a 200 day simple moving average of $4.28. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.57%. During the same quarter in the previous year, the company posted ($0.07) earnings per share. Research analysts anticipate that Cipher Mining will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Over the last three months, insiders sold 6,943,078 shares of company stock worth $23,609,769. 2.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently modified their holdings of the company. Millennium Management LLC increased its stake in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Vident Advisory LLC lifted its position in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after acquiring an additional 1,090,811 shares in the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in Cipher Mining in the 2nd quarter valued at about $2,142,000. 12.26% of the stock is currently owned by 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.