Cipher Mining’s (CIFR) “Buy” Rating Reiterated at Needham & Company LLC

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

A number of other analysts also recently issued reports on the stock. Canaccord Genuity Group restated a buy rating and set a $5.50 price target on shares of Cipher Mining in a report on Thursday, March 28th. Cantor Fitzgerald reissued an overweight rating and set a $5.00 target price on shares of Cipher Mining in a research note on Thursday, March 28th. Finally, HC Wainwright reaffirmed a buy rating and issued a $4.50 price target on shares of Cipher Mining in a research note on Tuesday, March 5th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of Moderate Buy and a consensus target price of $5.25.

Cipher Mining Stock Up 18.8 %

Shares of NASDAQ CIFR opened at $4.56 on Monday. The stock has a market cap of $1.35 billion, a PE ratio of -45.60 and a beta of 2.22. The company has a 50-day moving average of $3.88 and a 200 day moving average of $3.39. Cipher Mining has a 12-month low of $1.76 and a 12-month high of $5.75. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. The firm had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. As a group, sell-side analysts predict that Cipher Mining will post -0.15 EPS for the current fiscal year.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. First Financial Bankshares Inc acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $9,901,000. Van ECK Associates Corp boosted its position in Cipher Mining by 40.3% in the 4th 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 period. Exchange Traded Concepts LLC grew its stake in shares of Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after acquiring an additional 358,897 shares in the last quarter. Shariaportfolio Inc. purchased a new stake in shares of Cipher Mining during the fourth quarter worth $2,460,000. Finally, Hel Ved Capital Management Ltd acquired a new stake in shares of Cipher Mining in the fourth quarter valued at $1,310,000. 12.26% of the stock is currently 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.