Canaccord Genuity Group Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $7.00 price target on the stock. Canaccord Genuity Group’s price target points to a potential upside of 33.33% from the company’s current price.

CIFR has been the subject of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Securities initiated coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price for the company. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Compass Point increased their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average target price of $7.36.

Cipher Mining Stock Up 6.5 %

Shares of NASDAQ:CIFR opened at $5.25 on Friday. The stock’s 50-day moving average price is $3.96 and its 200-day moving average price is $4.27. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The stock has a market capitalization of $1.76 billion, a P/E ratio of -40.38 and a beta of 2.18. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a negative return on equity of 8.57% and a negative net margin of 33.39%. The firm had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. During the same period last year, the firm earned ($0.05) earnings per share. On average, equities analysts anticipate that Cipher Mining will post -0.06 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the transaction, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,943,078 shares of company stock worth $23,609,769 over the last three months. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp increased its position in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter worth approximately $33,000. W Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter worth approximately $45,000. Sippican Capital Advisors bought a new stake in Cipher Mining in the 3rd quarter worth approximately $72,000. Finally, Strategic Blueprint LLC grew its position in Cipher Mining by 33.3% in the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares during the period. 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.