Cipher Mining (NASDAQ:CIFR) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cipher Mining (NASDAQ:CIFR - Free Report) in a research report report published on Friday,Benzinga reports. Needham & Company LLC currently has a $7.50 price objective on the stock.

CIFR has been the topic of a number of other research reports. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Canaccord Genuity Group restated a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Northland Securities lifted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $8.14.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR traded down $0.03 during trading on Friday, reaching $5.80. The company had a trading volume of 6,131,876 shares, compared to its average volume of 12,285,236. The company has a fifty day moving average of $5.67 and a two-hundred day moving average of $4.97. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $2.02 billion, a P/E ratio of -44.57 and a beta of 2.40. Cipher Mining has a 12 month low of $2.40 and a 12 month high of $7.99.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares of the company's stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,881 shares of company stock valued at $2,388,389 over the last ninety days. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP bought a new stake in shares of Cipher Mining during the second quarter valued at approximately $2,142,000. Xponance Inc. bought a new stake in shares of Cipher Mining during the 2nd quarter valued at $45,000. AQR Capital Management LLC grew its position in shares of Cipher Mining by 55.3% in the 2nd quarter. AQR Capital Management LLC now owns 69,789 shares of the company's stock worth $290,000 after buying an additional 24,842 shares during the period. Millennium Management LLC increased its stake in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock worth $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Cipher Mining by 246.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company's stock valued at $279,000 after acquiring an additional 47,738 shares during the period. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.