HC Wainwright Raises Cipher Mining (NASDAQ:CIFR) Price Target to $5.50

Cipher Mining (NASDAQ:CIFR) had its target price boosted by HC Wainwright from $4.50 to $5.50 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 45.12% from the company’s previous close.

CIFR has been the subject of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a report on Monday, April 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.42.

Cipher Mining Stock Down 15.2 %

Shares of NASDAQ:CIFR traded down $0.68 during midday trading on Tuesday, reaching $3.79. The company had a trading volume of 8,258,689 shares, compared to its average volume of 8,471,780. The business’s 50 day moving average price is $4.02 and its 200 day moving average price is $3.51. Cipher Mining has a 1-year low of $1.76 and a 1-year high of $5.75. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.12 billion, a PE ratio of -38.20 and a beta of 2.32.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data 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 company had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. Research analysts forecast that Cipher Mining will post -0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC acquired a new stake in shares of Cipher Mining in the 1st quarter valued at about $52,000. Sloy Dahl & Holst LLC bought a new stake in Cipher Mining during the 4th quarter valued at $44,000. New York State Common Retirement Fund raised its holdings in 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 buying an additional 5,592 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of Cipher Mining in the 4th quarter worth about $49,000. Finally, Bellecapital International Ltd. bought a new position in Cipher Mining in the 4th quarter valued at about $51,000. Institutional investors and hedge funds 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.