Canaccord Genuity Group Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity Group in a report issued on Friday, Benzinga reports. They currently have a $7.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 33.33% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Northland Securities initiated coverage on Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Friday. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, Macquarie initiated coverage on Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price objective on the stock. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $7.36.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $5.25 on Friday. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The stock’s 50 day moving average price is $3.96 and its 200-day moving average price is $4.27. The company has a market capitalization of $1.76 billion, a PE ratio of -40.38 and a beta of 2.18. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a negative return on equity of 8.57% and a negative net margin of 33.39%. The firm had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same quarter in the previous year, the business earned ($0.05) EPS. On average, equities analysts anticipate that Cipher Mining will post -0.06 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 the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,943,078 shares of company stock worth $23,609,769 over the last 90 days. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CIFR. Millennium Management LLC increased its stake in Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the last quarter. Vanguard Group Inc. increased its stake in Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Van ECK Associates Corp increased its stake in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Vident Advisory LLC increased its stake in Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after acquiring an additional 1,090,811 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in Cipher Mining in the second quarter valued at $2,142,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.