Cipher Mining (NASDAQ:CIFR) Receives “Buy” Rating from Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $5.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 31.93% from the stock’s current price.

Several other analysts have also recently commented on CIFR. Canaccord Genuity Group restated a “buy” rating and set a $5.50 target price on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright boosted their target price on shares of Cipher Mining from $4.50 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus target price of $5.42.

Cipher Mining Price Performance

Shares of Cipher Mining stock opened at $3.79 on Wednesday. The firm has a market cap of $1.12 billion, a P/E ratio of -37.90 and a beta of 2.32. The firm’s 50-day simple moving average is $4.02 and its 200-day simple moving average is $3.51. Cipher Mining has a twelve month low of $1.76 and a twelve month 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.

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

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund raised its position in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock valued at $25,000 after acquiring an additional 5,592 shares during the period. Arizona State Retirement System acquired a new stake in shares of Cipher Mining in the third quarter valued at approximately $33,000. Barclays PLC lifted its position in Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after buying an additional 7,720 shares in the last quarter. Sloy Dahl & Holst LLC bought a new stake in Cipher Mining during the fourth quarter worth about $44,000. Finally, Wolverine Asset Management LLC acquired a new position in Cipher Mining during the fourth quarter valued at approximately $49,000. 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.