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

Needham & Company LLC restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report published on Monday morning, Benzinga reports. They currently have a $5.00 price target on the stock.

Other equities research analysts also recently issued research reports about the stock. Cantor Fitzgerald reissued an overweight rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Thursday, March 28th. HC Wainwright reiterated a buy rating and issued a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, 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. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of Moderate Buy and a consensus price target of $5.25.

Cipher Mining Price Performance

CIFR stock opened at $4.64 on Monday. Cipher Mining has a 52-week low of $1.76 and a 52-week high of $5.75. The stock’s fifty day simple moving average is $3.92 and its 200-day simple moving average is $3.41. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -46.40 and a beta of 2.22.

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 analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. Equities research analysts expect that Cipher Mining will post -0.15 EPS for the current year.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the company. Exchange Traded Concepts LLC boosted its stake in shares of Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after buying an additional 358,897 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Cipher Mining by 149.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 58,256 shares of the company’s stock worth $136,000 after purchasing an additional 34,947 shares in the last quarter. Swiss National Bank purchased a new stake in shares of Cipher Mining during the 3rd quarter worth about $255,000. Van ECK Associates Corp grew its stake in shares of Cipher Mining by 22.3% in the 3rd quarter. Van ECK Associates Corp now owns 1,403,549 shares of the company’s stock valued at $3,270,000 after buying an additional 256,097 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after buying an additional 7,720 shares in the last quarter. Institutional investors and hedge funds 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.