Cipher Mining (NASDAQ:CIFR) Stock Rating Upgraded by Northland Capmk

Cipher Mining (NASDAQ:CIFR) was upgraded by research analysts at Northland Capmk to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. HC Wainwright lifted their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Compass Point lifted their price objective on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Needham & Company LLC raised their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Northland Securities initiated coverage on shares of Cipher Mining in a research note on Wednesday. They set an “outperform” rating and a $6.00 price target on the stock. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Cipher Mining has a consensus rating of “Buy” and an average price target of $7.21.

Cipher Mining Trading Up 7.3 %

Shares of CIFR opened at $4.14 on Wednesday. The firm has a market cap of $1.28 billion, a P/E ratio of 69.00 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The company has a 50 day simple moving average of $4.01 and a two-hundred day simple moving average of $4.20.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period last year, the company posted ($0.05) earnings per share. On average, equities analysts expect that Cipher Mining will post -0.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Iwaschuk sold 150,000 shares of the company’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 transaction, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The disclosure for this sale can be found here. Insiders sold 6,462,980 shares of company stock valued at $20,795,679 over the last three months. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the last quarter. Millennium Management LLC grew its stake in 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 acquiring an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp grew its stake in Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after acquiring an additional 22,086 shares in the last quarter. First Financial Bankshares Inc purchased a new position in shares of Cipher Mining during the fourth quarter worth approximately $9,901,000. Finally, Vident Advisory LLC raised its stake in shares of Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after acquiring an additional 1,090,811 shares in the last quarter. Hedge funds and other 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.