Cipher Mining’s (CIFR) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a $7.00 target price on the stock.

Other equities research analysts have also issued reports about the stock. Macquarie started coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price target on the stock. Compass Point upped their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday. Finally, Northland Securities initiated coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price for the company. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $7.36.

Cipher Mining Stock Down 4.0 %

CIFR stock opened at $5.04 on Friday. 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 stock has a market capitalization of $1.69 billion, a P/E ratio of -38.77 and a beta of 2.18. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The business has a 50-day moving average of $3.98 and a 200-day moving average of $4.28.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.57% and a negative net margin of 33.39%. During the same period last year, the company earned ($0.07) EPS. On average, sell-side analysts anticipate that Cipher Mining will post -0.06 earnings per share 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 Cipher Mining stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,943,078 shares of company stock valued at $23,609,769 over the last ninety days. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its position in Cipher Mining by 321.8% during the second 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. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter valued at $33,000. Xponance Inc. acquired a new stake in shares of Cipher Mining during the 2nd quarter worth $45,000. W Advisors LLC bought a new position in shares of Cipher Mining in the third quarter worth $45,000. Finally, Prospect Financial Services LLC acquired a new position in Cipher Mining in the third quarter valued at about $47,000. Institutional investors own 12.26% of the company’s stock.

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.