Rosenblatt Securities Reaffirms Buy Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Rosenblatt Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $5.50 price objective on the stock. Rosenblatt Securities' price target would suggest a potential upside of 72.14% from the stock's current price.

Several other analysts have also recently issued reports on CIFR. Needham & Company LLC cut their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Cantor Fitzgerald dropped their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, HC Wainwright reissued a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $8.03.

Cipher Mining Trading Up 7.2%

CIFR traded up $0.22 during trading on Wednesday, hitting $3.20. 19,958,601 shares of the company's stock were exchanged, compared to its average volume of 11,268,307. The firm has a market cap of $1.19 billion, a P/E ratio of -24.58 and a beta of 2.61. The stock has a 50 day moving average price of $2.80 and a 200 day moving average price of $4.69. 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 has a 1 year low of $1.86 and a 1 year high of $7.99.

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

Hedge Funds Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its position in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after purchasing an additional 5,432 shares in the last quarter. NewEdge Advisors LLC acquired a new position in shares of Cipher Mining in the fourth quarter worth about $29,000. FNY Investment Advisers LLC boosted its holdings in shares of Cipher Mining by 42.9% during the first 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 period. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining during the first quarter worth approximately $37,000. Finally, KBC Group NV acquired a new stake in shares of Cipher Mining during the fourth quarter worth approximately $46,000. 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.