Cipher Mining’s (CIFR) “Buy” Rating Reaffirmed at Needham & Company LLC

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $22.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 36.71% from the stock’s previous close.

Several other equities analysts also recently issued reports on CIFR. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Monday, December 29th. Keefe, Bruyette & Woods decreased their price objective on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $24.00 price objective on shares of Cipher Mining in a report on Thursday, March 19th. Zacks Research downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 24th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a research report on Monday, December 15th. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $23.68.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR traded up $1.21 on Wednesday, hitting $16.09. The stock had a trading volume of 20,427,803 shares, compared to its average volume of 28,928,865. The firm’s 50 day moving average price is $15.92 and its 200-day moving average price is $16.27. The company has a debt-to-equity ratio of 3.37, a quick ratio of 3.79 and a current ratio of 3.79. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $25.52. The company has a market capitalization of $6.52 billion, a price-to-earnings ratio of -7.45 and a beta of 2.96.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 35,568 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the sale, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at $21,593,789.84. This trade represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James E. Newsome sold 45,161 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the transaction, the director owned 127,331 shares of the company’s stock, valued at $2,004,189.94. This trade represents a 26.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 116,297 shares of company stock valued at $1,875,330 in the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Cipher Mining by 996.9% during the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock valued at $10,645,000 after purchasing an additional 2,023,994 shares during the period. Thames Capital Management LLC acquired a new stake in Cipher Mining in the third quarter worth $19,070,000. Legal & General Group Plc boosted its position in shares of Cipher Mining by 33.4% during the second quarter. Legal & General Group Plc now owns 298,446 shares of the company’s stock worth $1,427,000 after purchasing an additional 74,744 shares in the last quarter. Soros Fund Management LLC boosted its position in shares of Cipher Mining by 67.5% during the second quarter. Soros Fund Management LLC now owns 1,300,000 shares of the company’s stock worth $6,214,000 after purchasing an additional 524,044 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock valued at $287,236,000 after buying an additional 2,699,717 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.