Needham & Company LLC Reiterates Buy Rating for Cipher Mining (NASDAQ:CIFR)

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

CIFR has been the topic of several other research reports. Canaccord Genuity Group reiterated a buy rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Thursday, March 28th. HC Wainwright reissued a buy rating and set a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of Moderate Buy and a consensus target price of $5.25.

Cipher Mining Trading Down 3.5 %

Shares of NASDAQ CIFR opened at $4.64 on Monday. The firm’s 50 day moving average price is $3.92 and its 200-day moving average price is $3.41. The company has a market cap of $1.38 billion, a PE ratio of -46.40 and a beta of 2.22. Cipher Mining has a 52-week low of $1.76 and a 52-week high of $5.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. First Financial Bankshares Inc purchased a new stake in Cipher Mining during the fourth quarter valued at approximately $9,901,000. Shariaportfolio Inc. purchased a new stake in Cipher Mining during the fourth quarter valued at approximately $2,460,000. Van ECK Associates Corp increased its holdings in Cipher Mining by 40.3% during the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock valued at $8,130,000 after buying an additional 564,956 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Cipher Mining by 107.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after buying an additional 358,897 shares during the last quarter. Finally, Hel Ved Capital Management Ltd purchased a new stake in Cipher Mining during the fourth quarter valued at approximately $1,310,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.