Cipher Mining (NASDAQ:CIFR) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note published on Thursday morning, Benzinga reports. The firm currently has a $5.50 price target on the stock.

Several other analysts also recently commented on CIFR. HC Wainwright restated a buy rating and set a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. Needham & Company LLC reiterated a buy rating and issued a $5.00 price objective on shares of Cipher Mining in a report on Monday, March 18th. Finally, Cantor Fitzgerald restated an overweight rating and set a $5.00 target price on shares of Cipher Mining in a report on Thursday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $5.25.

Cipher Mining Trading Down 3.4 %

Shares of Cipher Mining stock opened at $5.15 on Thursday. The stock has a market capitalization of $1.53 billion, a P/E ratio of -51.49 and a beta of 2.06. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The company has a 50-day simple moving average of $3.49 and a 200 day simple moving average of $3.22. Cipher Mining has a 12-month low of $1.76 and a 12-month high of $5.75.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million during the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. Research analysts expect that Cipher Mining will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

Several institutional investors have recently added to or reduced their stakes in CIFR. First Financial Bankshares Inc bought a new stake in Cipher Mining in the fourth quarter valued at approximately $9,901,000. State Street Corp boosted its holdings in Cipher Mining by 208.0% in the second quarter. State Street Corp now owns 2,197,387 shares of the company’s stock valued at $6,285,000 after acquiring an additional 1,483,836 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Cipher Mining by 103.8% in the first quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company’s stock valued at $6,891,000 after acquiring an additional 964,326 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cipher Mining by 221.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 968,670 shares of the company’s stock valued at $2,770,000 after acquiring an additional 667,152 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Cipher Mining by 1,738.2% during the 4th quarter. Renaissance Technologies LLC now owns 645,200 shares of the company’s stock worth $361,000 after buying an additional 610,100 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.