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

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $27.00 target price on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 58.36% from the company’s previous close.

CIFR has been the subject of several other research reports. BTIG Research restated a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a report on Wednesday, November 5th. Citizens Jmp started coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 price target for the company. Arete Research assumed coverage on Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 price objective on the stock. HC Wainwright boosted their target price on Cipher Mining to $30.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Finally, Compass Point started coverage on Cipher Mining in a research report on Monday, September 15th. They issued a “buy” rating for the company. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Stock Down 9.7%

Shares of NASDAQ:CIFR opened at $17.05 on Monday. The firm’s 50 day moving average price is $18.48 and its 200 day moving average price is $10.91. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of -94.72 and a beta of 2.91. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $25.52. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $106.69 million during the quarter, compared to the consensus estimate of $79.13 million. As a group, equities research analysts predict that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider William Iwaschuk sold 173,094 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the sale, the insider owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. The trade was a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Cary M. Grossman sold 25,000 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.00, for a total transaction of $475,000.00. Following the transaction, the director owned 200,530 shares in the company, valued at $3,810,070. The trade was a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 15,553,438 shares of company stock valued at $233,336,298 in the last quarter. Corporate insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in 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 in the last quarter. Geode Capital Management LLC increased its position in Cipher Mining by 18.1% during the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock worth $34,621,000 after buying an additional 1,108,850 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock worth $33,386,000 after acquiring an additional 1,541,138 shares during the last quarter. Invesco Ltd. lifted its position in shares of Cipher Mining by 40.0% in the third quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock valued at $86,268,000 after acquiring an additional 1,958,385 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Cipher Mining by 64.9% during the third quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock valued at $84,937,000 after acquiring an additional 2,655,015 shares during the last quarter. 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.