Needham & Company LLC Reiterates Buy Rating for Cipher Mining (NASDAQ:CIFR)

Needham & Company LLC restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR - Free Report) in a research note released on Monday, Benzinga reports. Needham & Company LLC currently has a $5.00 target price on the stock.

Several other research analysts also recently commented on CIFR. HC Wainwright restated a buy rating and set a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. Cantor Fitzgerald restated an overweight rating and set a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Finally, Canaccord Genuity Group restated a buy rating and set a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $5.25.

Cipher Mining Trading Up 18.8 %

Shares of CIFR stock traded up $0.72 on Monday, reaching $4.56. 8,292,510 shares of the company's stock were exchanged, compared to its average volume of 8,822,739. Cipher Mining has a 52 week low of $1.76 and a 52 week high of $5.75. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.35 billion, a PE ratio of -45.50 and a beta of 2.22. The company's fifty day simple moving average is $3.87 and its 200 day simple moving average is $3.37.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.12. The firm had revenue of $43.42 million during the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. As a group, analysts forecast that Cipher Mining will post -0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. First Financial Bankshares Inc purchased a new position in Cipher Mining during the 4th quarter worth $9,901,000. Van ECK Associates Corp grew its stake in Cipher Mining by 40.3% during the 4th quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company's stock worth $8,130,000 after buying an additional 564,956 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company's stock worth $2,862,000 after buying an additional 358,897 shares during the last quarter. Shariaportfolio Inc. purchased a new position in Cipher Mining during the 4th quarter worth $2,460,000. Finally, Hel Ved Capital Management Ltd purchased a new position in Cipher Mining during the 4th quarter worth $1,310,000. 12.26% of the stock is currently owned by hedge funds and other 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.