Cipher Mining (NASDAQ:CIFR) Rating Reiterated by Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity Group in a research note issued on Thursday, Benzinga reports. They presently have a $7.00 target price on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 99.43% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Cantor Fitzgerald began coverage on Cipher Mining in a research note on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price for the company. 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 note on Wednesday, August 14th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Compass Point upped 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, 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 note on Thursday, June 6th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $7.42.

Cipher Mining Trading Down 2.2 %

CIFR opened at $3.51 on Thursday. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The company has a 50-day simple moving average of $4.62 and a 200 day simple moving average of $4.23. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 58.50 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate 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 4.66% and a net margin of 13.54%. During the same quarter in the previous year, the firm earned ($0.05) earnings per share.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 4,412,433 shares of company stock valued at $20,785,281. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the business. 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 worth $99,000 after buying an additional 4,256 shares in 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 worth $25,000 after buying an additional 4,557 shares in 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 worth $62,000 after buying an additional 5,000 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining during the 1st quarter worth approximately $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 worth $258,000 after buying an additional 10,000 shares in the last quarter. 12.26% of the stock is currently owned by 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.