Rosenblatt Securities Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Rosenblatt Securities reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $5.50 target price on the stock.

Several other equities research analysts have also issued reports on the stock. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. downgraded shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Needham & Company LLC lowered their target price on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald lowered their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Trading Down 0.7 %

Shares of NASDAQ:CIFR opened at $3.02 on Wednesday. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $7.99. The stock’s fifty day moving average price is $2.83 and its 200-day moving average price is $4.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $1.12 billion, a P/E ratio of -23.23 and a beta of 2.61.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $48.96 million for the quarter, compared to the consensus estimate of $53.57 million. Sell-side analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC increased its holdings in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock valued at $274,000 after purchasing an additional 2,036 shares during the last quarter. Xponance Inc. grew its holdings in Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company’s stock valued at $66,000 after buying an additional 2,140 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after acquiring an additional 2,149 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after acquiring an additional 2,754 shares during the period. Finally, Tobam boosted its position in shares of Cipher Mining by 22.7% during the 4th quarter. Tobam now owns 18,023 shares of the company’s stock valued at $84,000 after acquiring an additional 3,336 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.