Cantor Fitzgerald Reiterates Overweight Rating for Cipher Mining (NASDAQ:CIFR)

Cantor Fitzgerald restated their overweight rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has a $11.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities boosted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Cipher Mining has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Price Performance

Shares of CIFR opened at $5.39 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The stock has a fifty day moving average price of $6.10 and a 200 day moving average price of $4.93. The company has a market cap of $1.87 billion, a P/E ratio of -41.46 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the previous year, the firm earned ($0.07) EPS. On average, research analysts forecast that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock valued at $9,000,561 in the last 90 days. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank boosted its position in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining during the third quarter worth about $33,000. Xponance Inc. bought a new stake in Cipher Mining in the 2nd quarter valued at approximately $45,000. W Advisors LLC bought a new position in shares of Cipher Mining during the 3rd quarter worth approximately $45,000. Finally, Prospect Financial Services LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at approximately $47,000. 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.