Cantor Fitzgerald Reiterates Overweight Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They currently have a $9.00 price objective on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 202.52% from the company’s previous close.

Other analysts also recently issued reports about the stock. Needham & Company LLC upped their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Compass Point upped their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. Finally, HC Wainwright upped their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.42.

Cipher Mining Trading Down 7.0 %

Shares of Cipher Mining stock opened at $2.98 on Tuesday. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The firm has a market capitalization of $922.34 million, a price-to-earnings ratio of 50.17 and a beta of 2.29. The firm’s 50 day simple moving average is $4.59 and its two-hundred day simple moving average is $4.23.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter in the prior year, the business posted ($0.05) EPS. Analysts predict that Cipher Mining will post -0.05 EPS for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 336,377 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $4.58, for a total transaction of $1,540,606.66. Following the sale, the insider now owns 115,145,728 shares in the company, valued at $527,367,434.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 3,803,507 shares of company stock worth $18,463,085. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Several institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. grew its position in shares of Cipher Mining by 21.7% in the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after purchasing an additional 4,256 shares during the period. Amalgamated Bank grew its position in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. B. Riley Wealth Advisors Inc. grew its position in shares of Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Cipher Mining in the first quarter valued at about $52,000. Finally, Gabelli Funds LLC grew its position in shares of Cipher Mining by 25.0% in the first quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.