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

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $22.00 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 36.71% from the company’s current price.

Several other equities analysts also recently commented on CIFR. Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a report on Monday, December 15th. 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. HC Wainwright lowered their target price on shares of Cipher Mining to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Keefe, Bruyette & Woods dropped their target price on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Finally, Wall Street Zen lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.68.

Cipher Mining Stock Up 8.1%

Shares of NASDAQ CIFR traded up $1.21 during mid-day trading on Wednesday, reaching $16.09. 20,427,803 shares of the company traded hands, compared to its average volume of 28,928,865. The company’s fifty day moving average is $15.92 and its two-hundred day moving average 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 fifty-two week low of $1.86 and a fifty-two week high of $25.52. The stock has a market cap of $6.52 billion, a PE ratio of -7.45 and a beta of 2.96.

Insider Buying and Selling at Cipher Mining

In related news, Director James E. Newsome sold 45,161 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the transaction, the director owned 127,331 shares of the company’s stock, valued at approximately $2,004,189.94. The trade was a 26.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $14.98, for a total transaction of $532,808.64. Following the transaction, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at approximately $21,593,789.84. The trade was a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 116,297 shares of company stock worth $1,875,330. 2.63% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Cipher Mining by 43.2% in the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares in the last quarter. Situational Awareness LP grew its stake in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the period. Geode Capital Management LLC grew its stake in shares of Cipher Mining by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock valued at $120,519,000 after purchasing an additional 558,105 shares during the period. State Street Corp raised its holdings in shares of Cipher Mining by 10.2% in the 4th quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after buying an additional 745,030 shares in the last quarter. Finally, Value Aligned Research Advisors LLC raised its holdings in shares of Cipher Mining by 45.9% in the 4th quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after buying an additional 2,342,958 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.