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

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research note issued on Friday, Benzinga reports. They presently have a $5.00 price target on the stock. Needham & Company LLC's price target would suggest a potential upside of 29.87% from the company's previous close.

Several other equities research analysts have also recently weighed in on the stock. HC Wainwright upped 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, May 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 price target on shares of Cipher Mining in a report on Thursday, March 28th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $6.00 price objective (up from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $5.50.

Cipher Mining Stock Performance

Cipher Mining stock traded down $0.22 during midday trading on Friday, hitting $3.85. The company's stock had a trading volume of 5,677,238 shares, compared to its average volume of 8,181,490. The company has a 50-day moving average price of $4.12 and a two-hundred day moving average price of $3.54. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $5.75. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 67.34 and a beta of 2.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08.

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, beating the consensus estimate of ($0.07) by $0.12. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $43.42 million during the quarter, compared to analysts' expectations of $35.73 million. As a group, sell-side analysts predict that Cipher Mining will post -0.01 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. Janney Montgomery Scott LLC bought a new position in Cipher Mining in the 1st quarter valued at approximately $52,000. Sloy Dahl & Holst LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at $44,000. New York State Common Retirement Fund boosted its holdings in shares of Cipher Mining by 104.9% during the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company's stock valued at $25,000 after acquiring an additional 5,592 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining during the 1st quarter worth $59,000. Finally, Wolverine Asset Management LLC acquired a new position in Cipher Mining in the 4th quarter worth about $49,000. 12.26% of the stock is owned by 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.