Cipher Mining (NASDAQ:CIFR) Lifted to “Strong-Buy” at Stifel Canada

Stifel Canada upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a report released on Tuesday morning, Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Cantor Fitzgerald initiated coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They issued an overweight rating and a $9.00 price target on the stock. HC Wainwright upped their price target on Cipher Mining from $5.50 to $6.00 and gave the stock a buy rating in a report on Thursday, June 6th. Needham & Company LLC reissued a buy rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Friday, June 7th. Finally, Canaccord Genuity Group reaffirmed a buy rating and set a $6.00 price objective (up from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and an average target price of $6.40.

Cipher Mining Price Performance

Shares of CIFR opened at $4.33 on Tuesday. The business’s fifty day moving average is $4.80 and its 200 day moving average is $4.12. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.34 billion, a P/E ratio of 72.17 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The firm had revenue of $48.14 million for the quarter, compared to analyst estimates of $50.05 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%.

Insider Activity

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.08, for a total value of $1,202,828.88. Following the transaction, the insider now directly owns 118,519,768 shares in the company, valued at $483,560,653.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 5,302,379 shares of company stock valued at $24,285,016 in the last ninety days. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. First Financial Bankshares Inc bought a new stake in Cipher Mining during the 4th quarter valued at $9,901,000. Van ECK Associates Corp lifted its holdings in Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after purchasing an additional 765,238 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Cipher Mining by 30.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock worth $185,000 after purchasing an additional 10,998 shares during the period. Swiss National Bank boosted its stake in Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after purchasing an additional 26,700 shares during the period. Finally, Shariaportfolio Inc. purchased a new position in Cipher Mining during the 4th quarter valued at about $2,460,000. 12.26% of the stock is currently owned by institutional investors.

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.