Cipher Mining’s (CIFR) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $5.00 target price on the stock.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group reaffirmed a buy rating and issued a $5.50 target price on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright increased their price objective on Cipher Mining from $4.50 to $5.50 and gave the company a buy rating in a report on Tuesday. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $5.50.

Cipher Mining Trading Down 0.4 %

NASDAQ CIFR opened at $3.78 on Wednesday. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The business has a 50 day moving average price of $4.03 and a 200-day moving average price of $3.52. Cipher Mining has a 52 week low of $1.76 and a 52 week high of $5.75. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -37.75 and a beta of 2.32.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. As a group, equities analysts expect that Cipher Mining will post -0.15 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. New York State Common Retirement Fund increased its position in shares of Cipher Mining by 104.9% during the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock valued at $25,000 after buying an additional 5,592 shares during the period. Arizona State Retirement System purchased a new stake in shares of Cipher Mining during the 3rd quarter valued at $33,000. Barclays PLC lifted its holdings in shares of Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after acquiring an additional 7,720 shares during the last quarter. Sloy Dahl & Holst LLC bought a new position in Cipher Mining in the fourth quarter valued at $44,000. Finally, Wolverine Asset Management LLC purchased a new stake in Cipher Mining during the fourth quarter valued at about $49,000. Hedge funds and other institutional investors 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.