Cipher Mining (NASDAQ:CIFR) Rating Reiterated by Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a research report issued on Wednesday, Benzinga reports. They currently have a $6.00 price objective on the stock, up from their prior price objective of $5.50. Canaccord Genuity Group’s price objective points to a potential upside of 60.00% from the company’s current price.

Several other research firms also recently weighed in on CIFR. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price target on shares of Cipher Mining in a research note on Thursday, March 28th. Needham & Company LLC restated a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a report on Wednesday. Finally, HC Wainwright boosted their price objective on shares of Cipher Mining from $4.50 to $5.50 and gave the stock a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.50.

Cipher Mining Price Performance

Shares of NASDAQ CIFR traded down $0.04 during mid-day trading on Wednesday, reaching $3.75. 2,650,475 shares of the company were exchanged, compared to its average volume of 8,436,580. The stock has a market capitalization of $1.11 billion, a PE ratio of -37.40 and a beta of 2.32. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. Cipher Mining has a 52 week low of $1.76 and a 52 week high of $5.75. The company’s 50 day moving average price is $4.02 and its 200 day moving average price is $3.51.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million for the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. Sell-side analysts forecast that Cipher Mining will post -0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund grew its position in Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares during the period. Arizona State Retirement System bought a new position in Cipher Mining in the third quarter valued at about $33,000. Barclays PLC grew its stake in shares of Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after purchasing an additional 7,720 shares during the period. Sloy Dahl & Holst LLC purchased a new stake in shares of Cipher Mining during the 4th quarter valued at about $44,000. Finally, Wolverine Asset Management LLC bought a new position in shares of Cipher Mining in the 4th quarter worth approximately $49,000. 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.