Cipher Mining (NASDAQ:CIFR) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Cipher Mining (NASDAQ:CIFR - Free Report) had its price target raised by Cantor Fitzgerald from $4.00 to $6.00 in a research report sent to investors on Thursday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other equities research analysts have also commented on the company. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Needham & Company LLC lowered their price target 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. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research report on Thursday, May 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. One 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 company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Down 5.3%

Shares of CIFR traded down $0.20 during trading hours on Thursday, reaching $3.54. The stock had a trading volume of 27,675,002 shares, compared to its average volume of 12,471,990. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -27.23 and a beta of 2.58. The firm has a 50-day simple moving average of $2.93 and a 200 day simple moving average of $4.38. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

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

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new stake in Cipher Mining in the 4th quarter valued at about $29,000. KBC Group NV purchased a new position in Cipher Mining during the 4th quarter valued at about $46,000. Rafferty Asset Management LLC purchased a new position in Cipher Mining during the 4th quarter valued at about $49,000. Apollon Wealth Management LLC purchased a new position in Cipher Mining during the 4th quarter valued at about $49,000. Finally, Captrust Financial Advisors purchased a new position in Cipher Mining during the 4th quarter valued at about $54,000. 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.