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

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at Canaccord Genuity Group in a research note issued on Wednesday, Benzinga reports. They presently have a $6.00 price target on the stock, up from their previous price target of $5.50. Canaccord Genuity Group's target price would indicate a potential upside of 58.94% from the stock's current price.

Other research analysts also recently issued reports about the stock. HC Wainwright raised their price objective on shares of Cipher Mining from $4.50 to $5.50 and gave the stock a "buy" rating in a research report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Wednesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 price target on shares of Cipher Mining in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $5.50.

Cipher Mining Stock Down 0.4 %

CIFR traded down $0.02 on Wednesday, hitting $3.78. 4,316,628 shares of the company were exchanged, compared to its average volume of 8,456,118. The firm has a 50-day moving average price of $4.02 and a two-hundred day moving average price of $3.51. 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 company has a market cap of $1.12 billion, a price-to-earnings ratio of -37.50 and a beta of 2.32. Cipher Mining has a twelve month low of $1.76 and a twelve month high of $5.75.

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

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining in the first quarter worth about $52,000. Sloy Dahl & Holst LLC purchased a new position in Cipher Mining in the 4th quarter valued at about $44,000. New York State Common Retirement Fund increased its position in shares of Cipher Mining by 104.9% during the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company's stock worth $25,000 after acquiring an additional 5,592 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in Cipher Mining during the 4th quarter worth $49,000. Finally, Bellecapital International Ltd. bought a new stake in Cipher Mining in the 4th quarter valued at about $51,000. Hedge funds and other 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.