Cipher Mining Inc. (NASDAQ:CIFR) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $5.25.

Several brokerages have recently weighed in on CIFR. Canaccord Genuity Group reissued a “buy” rating and set a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Cipher Mining in a research note on Thursday, March 28th. HC Wainwright reissued a “buy” rating and issued a $4.50 price target on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Monday, April 22nd.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Cipher Mining by 79.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 132,304 shares of the company’s stock worth $681,000 after purchasing an additional 58,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Cipher Mining in the first quarter valued at about $542,000. Nomura Holdings Inc. bought a new stake in Cipher Mining during the fourth quarter worth about $213,000. Quadrature Capital Ltd acquired a new stake in shares of Cipher Mining during the fourth quarter worth approximately $513,000. Finally, B. Riley Wealth Advisors Inc. increased its holdings in shares of Cipher Mining by 50.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after buying an additional 5,000 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $4.50 on Friday. The company’s fifty day moving average is $3.94 and its two-hundred day moving average is $3.43. Cipher Mining has a 52-week low of $1.76 and a 52-week high of $5.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -45.00 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last released its 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 business had revenue of $43.42 million during the quarter, compared to analysts’ expectations of $35.73 million. Equities research analysts forecast that Cipher Mining will post -0.15 EPS for the current year.

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.