Needham & Company LLC Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Monday, Benzinga reports. They presently have a $5.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 3.95% from the company’s current price.

A number of other brokerages have also recently issued reports 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. 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. Finally, 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. One 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $5.25.

Cipher Mining Stock Up 5.5 %

CIFR opened at $4.81 on Monday. Cipher Mining has a one year low of $1.76 and a one year high of $5.75. 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 stock’s fifty day moving average is $3.91 and its 200-day moving average is $3.40. The company has a market capitalization of $1.43 billion, a PE ratio of -48.10 and a beta of 2.21.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The business had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. On average, equities analysts predict that Cipher Mining will post -0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. First Financial Bankshares Inc purchased a new position in shares of Cipher Mining during the fourth quarter valued at $9,901,000. Shariaportfolio Inc. purchased a new position in Cipher Mining in the fourth quarter valued at about $2,460,000. Van ECK Associates Corp grew its stake in Cipher Mining by 40.3% in the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock valued at $8,130,000 after purchasing an additional 564,956 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after purchasing an additional 358,897 shares in the last quarter. Finally, Hel Ved Capital Management Ltd purchased a new position in Cipher Mining in the fourth quarter valued at about $1,310,000. Hedge funds and other institutional investors 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.