Cipher Mining (NASDAQ:CIFR) Stock Rating Reaffirmed by Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They currently have a $5.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 26.58% from the company’s current price.

Other analysts also recently issued reports about the company. HC Wainwright increased their price target on Cipher Mining from $4.50 to $5.50 and gave the stock a “buy” rating in a report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 target price on shares of Cipher Mining in a report on Thursday, March 28th. 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 analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Cipher Mining Stock Up 4.6 %

Shares of CIFR opened at $3.95 on Wednesday. The stock’s 50-day moving average price is $4.05 and its two-hundred day moving average price is $3.52. Cipher Mining has a 12 month low of $1.87 and a 12 month high of $5.75. The company has a market capitalization of $1.17 billion, a PE ratio of -39.50 and a beta of 2.32. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. New York State Common Retirement Fund grew its holdings in shares of Cipher Mining by 104.9% during the third 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 during the last quarter. Arizona State Retirement System purchased a new position in shares of Cipher Mining in the 3rd quarter worth approximately $33,000. Barclays PLC lifted its holdings in Cipher Mining by 93.4% during the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after acquiring an additional 7,720 shares during the period. Sloy Dahl & Holst LLC purchased a new position in Cipher Mining in the fourth quarter worth $44,000. Finally, Wolverine Asset Management LLC bought a new position in Cipher Mining in the 4th quarter valued at $49,000. 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.