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

Cantor Fitzgerald restated their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $11.00 price target on the stock.

A number of other research analysts also recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. BTIG Research increased their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $5.39 on Tuesday. 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 has a one year low of $2.15 and a one year high of $7.99. The business’s 50 day moving average price is $6.10 and its 200 day moving average price is $4.93. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -41.46 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the firm earned ($0.07) EPS. On average, research analysts predict that Cipher Mining will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock valued at $9,000,561 in the last ninety days. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its holdings in Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after acquiring an additional 2,101 shares during the period. Vima LLC boosted its stake in shares of Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares during the period. Verition Fund Management LLC grew its holdings in Cipher Mining by 30.7% during the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 3,086 shares in the last quarter. Amalgamated Bank increased its stake in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC lifted its holdings in Cipher Mining by 33.3% in the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after buying an additional 5,000 shares in the last quarter. 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.