Cipher Mining (NASDAQ:CIFR) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report released on Thursday, Benzinga reports. They currently have a $9.00 price target on the stock.

Other analysts also recently issued reports about the company. HC Wainwright upped their price objective on Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research note on Thursday, June 6th. Northland Capmk upgraded shares of Cipher Mining to a strong-buy rating in a research report on Wednesday, September 25th. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a buy rating in a research note on Thursday, August 15th. Stifel Canada upgraded shares of Cipher Mining to a strong-buy rating in a research note on Tuesday, August 6th. Finally, Needham & Company LLC boosted their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a buy rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Buy and an average price target of $7.21.

Cipher Mining Stock Performance

Shares of CIFR opened at $4.10 on Thursday. The company’s 50 day simple moving average is $3.72 and its 200-day simple moving average is $4.22. The firm has a market cap of $1.27 billion, a PE ratio of 68.33 and a beta of 2.25. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The company had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same period last year, the firm posted ($0.05) EPS. As a group, equities analysts predict that Cipher Mining will post -0.05 EPS for the current year.

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the sale, the insider now owns 109,911,187 shares of the company’s stock, valued at $684,746,695.01. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of Cipher Mining stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,462,980 shares of company stock worth $20,795,679 in the last 90 days. 2.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Amalgamated Bank increased its position 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 purchasing an additional 4,557 shares in the last quarter. Xponance Inc. acquired a new stake in shares of Cipher Mining during the 2nd quarter worth about $45,000. SG Americas Securities LLC purchased a new stake in shares of Cipher Mining during the third quarter worth about $49,000. Janney Montgomery Scott LLC acquired a new position in shares of Cipher Mining in the first quarter valued at approximately $52,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $59,000. 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.