Cantor Fitzgerald Reaffirms “Overweight” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They currently have a $11.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 88.03% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Macquarie boosted their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities raised their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $5.85 on Tuesday. The company’s fifty day moving average is $6.10 and its two-hundred day moving average is $4.92. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of -45.00 and a beta of 2.38.

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

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,446,623 shares of company stock worth $9,000,561. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

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