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

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They presently have a $5.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 31.93% from the company’s previous close.

A number of other analysts have also recently commented on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. Finally, HC Wainwright boosted their target price on shares of Cipher Mining from $4.50 to $5.50 and gave the company a “buy” rating in a research report on Tuesday. One research 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.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average target price of $5.42.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $3.79 on Wednesday. The firm has a market cap of $1.12 billion, a P/E ratio of -37.90 and a beta of 2.32. Cipher Mining has a twelve month low of $1.76 and a twelve month 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 company has a 50 day moving average of $4.02 and a 200 day moving average of $3.51.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million during 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%. As a group, research analysts expect that Cipher Mining will post -0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Swiss National Bank raised its holdings in Cipher Mining by 27.0% during the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after acquiring an additional 26,700 shares during the period. SG Americas Securities LLC bought a new position in shares of Cipher Mining during the first quarter worth $74,000. VitalStone Financial LLC grew its stake in Cipher Mining by 2,111.5% during the first quarter. VitalStone Financial LLC now owns 22,115 shares of the company’s stock valued at $114,000 after acquiring an additional 21,115 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in Cipher Mining in the 1st quarter worth $145,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining during the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.