Cipher Mining's (CIFR) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Cipher Mining (NASDAQ:CIFR - Free Report) in a research report released on Thursday morning,Benzinga reports. They currently have a $8.00 target price on the stock.

A number of other brokerages have also recently issued reports on CIFR. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Cantor Fitzgerald decreased their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Tuesday, February 4th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Needham & Company LLC decreased their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $8.03.

Cipher Mining Trading Down 4.5 %

Shares of NASDAQ:CIFR traded down $0.14 during trading on Thursday, hitting $2.98. 20,591,513 shares of the company's stock were exchanged, compared to its average volume of 11,232,216. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.11 billion, a P/E ratio of -22.92 and a beta of 2.61. The firm has a 50-day moving average price of $2.80 and a two-hundred day moving average price of $4.70. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting analysts' consensus estimates of ($0.11). The firm had revenue of $48.96 million during the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. Equities analysts predict that Cipher Mining will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the company. Voya Investment Management LLC lifted its position in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after purchasing an additional 2,036 shares in the last quarter. Xponance Inc. grew its holdings in shares of Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock valued at $66,000 after acquiring an additional 2,140 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Cipher Mining by 17.4% in the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock valued at $67,000 after acquiring an additional 2,149 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Cipher Mining by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock worth $61,000 after acquiring an additional 2,754 shares in the last quarter. Finally, Tobam boosted its position in Cipher Mining by 22.7% during the fourth quarter. Tobam now owns 18,023 shares of the company's stock valued at $84,000 after purchasing an additional 3,336 shares during the last quarter. Institutional investors and hedge funds 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.