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

Cantor Fitzgerald reaffirmed their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report sent to investors on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $6.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on CIFR. HC Wainwright upped their price objective on Cipher Mining from $3.00 to $4.50 and gave the stock a buy rating in a research note on Wednesday, August 9th. Canaccord Genuity Group increased their price target on Cipher Mining from $4.00 to $4.50 and gave the stock a buy rating in a research report on Wednesday, August 16th. Compass Point raised their target price on Cipher Mining from $4.00 to $5.50 in a research report on Thursday, July 20th. Finally, Needham & Company LLC reissued a buy rating and set a $5.00 target price on shares of Cipher Mining in a research note on Wednesday, August 9th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cipher Mining presently has a consensus rating of Buy and an average target price of $5.10.

Cipher Mining Price Performance

Shares of CIFR opened at $2.97 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.03. Cipher Mining has a 12-month low of $0.38 and a 12-month high of $5.30. The business’s 50 day moving average is $3.56 and its 200 day moving average is $2.65. The company has a market capitalization of $745.35 million, a PE ratio of -59.40 and a beta of 2.37.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $31.22 million during the quarter, compared to analysts’ expectations of $32.20 million. Research analysts expect that Cipher Mining will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 85,000 shares of Cipher Mining stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $3.63, for a total transaction of $308,550.00. Following the completion of the sale, the director now directly owns 226,659 shares of the company’s stock, valued at approximately $822,772.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Cary M. Grossman sold 85,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $3.63, for a total value of $308,550.00. Following the transaction, the director now owns 226,659 shares in the company, valued at approximately $822,772.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Iwaschuk sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $3.58, for a total value of $358,000.00. Following the completion of the transaction, the insider now owns 173,989 shares in the company, valued at approximately $622,880.62. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the company. American International Group Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter worth $25,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cipher Mining during the fourth quarter worth about $26,000. HBW Advisory Services LLC bought a new position in shares of Cipher Mining during the second quarter worth about $29,000. JPMorgan Chase & Co. lifted its holdings in Cipher Mining by 72.5% in the second quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock worth $29,000 after acquiring an additional 8,896 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Cipher Mining during the first quarter valued at approximately $30,000. Institutional investors and hedge funds own 6.70% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, a technology company, develops and operates 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 is a subsidiary of Bitfury Holding B.V.