Cipher Mining (NASDAQ:CIFR) Receives Buy Rating from Needham & Company LLC

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

A number of other research firms also recently weighed in on CIFR. Canaccord Genuity Group restated a buy rating and issued a $5.50 target price on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright restated a buy rating and issued a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, Cantor Fitzgerald restated an overweight rating and issued a $5.00 target price 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 assigned a buy rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of Moderate Buy and a consensus target price of $5.25.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $4.43 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company has a market cap of $1.31 billion, a P/E ratio of -44.30 and a beta of 2.22. The firm’s fifty day moving average is $3.92 and its two-hundred day moving average is $3.42. Cipher Mining has a 52-week low of $1.76 and a 52-week high of $5.75.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $35.73 million. As a group, analysts anticipate that Cipher Mining will post -0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the stock. Sloy Dahl & Holst LLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $44,000. New York State Common Retirement Fund raised its holdings in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock valued at $25,000 after purchasing an additional 5,592 shares in the last quarter. Wolverine Asset Management LLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $49,000. Bellecapital International Ltd. bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $51,000. Finally, Calamos Advisors LLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $52,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.