Cipher Mining’s (CIFR) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report sent to investors on Tuesday,Benzinga reports. Cantor Fitzgerald currently has a $11.00 target price on the stock.

Several other research analysts have also weighed in on the stock. Northland Securities increased their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research note on Tuesday, December 10th. BTIG Research boosted their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Trading Down 6.3 %

Shares of CIFR opened at $5.05 on Tuesday. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a market capitalization of $1.76 billion, a PE ratio of -38.84 and a beta of 2.38. The stock has a fifty day moving average of $6.10 and a two-hundred day moving average of $4.93. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. As a group, analysts forecast that Cipher Mining will post -0.31 EPS for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. The trade was a 0.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,446,623 shares of company stock valued at $9,000,561 over the last quarter. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cipher Mining by 93.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,482 shares of the company’s stock worth $89,000 after buying an additional 10,380 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Cipher Mining in the second quarter valued at $88,000. Rhumbline Advisers boosted its stake in Cipher Mining by 253.7% during the 2nd quarter. Rhumbline Advisers now owns 226,905 shares of the company’s stock valued at $942,000 after acquiring an additional 162,749 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Cipher Mining by 21.7% during the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after acquiring an additional 4,256 shares during the last quarter. Institutional investors and hedge funds 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.