Cipher Mining (NASDAQ:CIFR) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Cipher Mining (NASDAQ:CIFRFree Report) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $9.00 price objective on the stock.

Several other analysts have also weighed in on the stock. Canaccord Genuity Group reiterated a buy rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. Needham & Company LLC reiterated a buy rating and set a $5.00 target price on shares of Cipher Mining in a research note on Friday, June 7th. Finally, HC Wainwright boosted their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a buy rating in a research note on Thursday, June 6th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $6.25.

Check Out Our Latest Stock Report on CIFR

Cipher Mining Trading Up 9.2 %

NASDAQ CIFR opened at $4.99 on Tuesday. The company’s fifty day simple moving average is $4.03 and its 200-day simple moving average is $3.67. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $5.75. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.55 billion, a P/E ratio of 83.18 and a beta of 2.28.

Cipher Mining (NASDAQ:CIFRGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. The firm had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $50.05 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 336,377 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $4.58, for a total transaction of $1,540,606.66. Following the completion of the transaction, the insider now owns 115,145,728 shares in the company, valued at $527,367,434.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 2,154,996 shares of company stock worth $8,708,673. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. New York State Common Retirement Fund grew its position in 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 buying an additional 5,592 shares in the last quarter. Barclays PLC lifted its holdings in 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 acquiring an additional 7,720 shares during the last quarter. Sloy Dahl & Holst LLC acquired a new stake in Cipher Mining in the 4th quarter valued at about $44,000. Wolverine Asset Management LLC acquired a new stake in Cipher Mining in the 4th quarter valued at about $49,000. Finally, Bellecapital International Ltd. acquired a new stake in Cipher Mining in the 4th quarter valued at about $51,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Cipher Mining (NASDAQ:CIFR)

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