Cipher Mining (NASDAQ:CIFR) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a $6.00 price objective on the stock, up from their prior price objective of $5.50.

Other analysts have also issued research reports about the company. Needham & Company LLC reaffirmed a buy rating and issued a $5.00 price target on shares of Cipher Mining in a research note on Wednesday. HC Wainwright lifted their price target on Cipher Mining from $4.50 to $5.50 and gave the stock a buy rating in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $5.00 price objective on shares of Cipher Mining in a report 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. According to data from MarketBeat.com, Cipher Mining has a consensus rating of Moderate Buy and a consensus target price of $5.50.

Cipher Mining Trading Down 0.4 %

Shares of Cipher Mining stock opened at $3.78 on Wednesday. Cipher Mining has a 12-month low of $1.76 and a 12-month high of $5.75. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -37.75 and a beta of 2.32. 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’s 50-day moving average price is $4.03 and its 200-day moving average price is $3.52.

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

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in CIFR. First Financial Bankshares Inc bought a new position in shares of Cipher Mining in the fourth quarter worth about $9,901,000. Van ECK Associates Corp boosted its position in shares of Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after acquiring an additional 765,238 shares during the last quarter. Shariaportfolio Inc. bought a new position in Cipher Mining during the fourth quarter valued at $2,460,000. Exchange Traded Concepts LLC lifted its holdings in shares of Cipher Mining by 107.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after acquiring an additional 358,897 shares during the last quarter. Finally, Hel Ved Capital Management Ltd bought a new position in shares of Cipher Mining in the 4th quarter valued at about $1,310,000. 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.