Cipher Mining (NASDAQ:CIFR) Research Coverage Started at Northland Securities

Northland Securities initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note published on Wednesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $6.00 target price on the stock.

A number of other research analysts have also recently commented on CIFR. Macquarie started coverage on Cipher Mining in a research report on Tuesday, September 24th. They issued an outperform rating and a $6.00 price target on the stock. Canaccord Genuity Group restated a buy rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Stifel Canada raised shares of Cipher Mining to a strong-buy rating in a report on Tuesday, August 6th. HC Wainwright lifted their price objective 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. Finally, Needham & Company LLC upped their target price on Cipher Mining from $5.00 to $7.50 and gave the stock a buy rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Cipher Mining presently has a consensus rating of Buy and an average price target of $7.21.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $4.11 on Wednesday. The stock has a 50 day simple moving average of $3.93 and a 200 day simple moving average of $4.20. The stock has a market cap of $1.27 billion, a P/E ratio of 68.50 and a beta of 2.24. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same period last year, the firm earned ($0.05) earnings per share. Research analysts anticipate that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of the sale, the insider now owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now directly owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The disclosure for this sale can be found here. Insiders have sold a total of 6,462,980 shares of company stock worth $20,795,679 in the last 90 days. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently added to or reduced their stakes in the business. Senator Investment Group LP bought a new position in Cipher Mining during the 2nd quarter valued at $1,190,000. Algert Global LLC bought a new stake in Cipher Mining in the 2nd quarter worth about $75,000. Scientech Research LLC increased its stake in Cipher Mining by 122.9% in the 2nd quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after buying an additional 112,202 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Cipher Mining by 246.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after buying an additional 47,738 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Institutional investors 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.