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

Canaccord Genuity Group reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a $8.00 price objective on the stock.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an "outperform" rating on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Needham & Company LLC cut their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Finally, HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $8.03.

Cipher Mining Price Performance

Shares of NASDAQ CIFR traded up $0.26 during trading on Thursday, hitting $3.41. The company had a trading volume of 11,194,466 shares, compared to its average volume of 13,505,929. The stock has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $4.68. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.99. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -26.23 and a beta of 2.61. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.11). The firm had revenue of $48.96 million for 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%. On average, research analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CIFR. Nisa Investment Advisors LLC grew its position in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock worth $28,000 after purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Cipher Mining during the fourth quarter worth about $29,000. FNY Investment Advisers LLC raised its position in shares of Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after purchasing an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining during the first quarter valued at $37,000. Finally, KBC Group NV acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $46,000. 12.26% of the stock is owned by hedge funds and other 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.