HC Wainwright Boosts Cipher Mining (NASDAQ:CIFR) Price Target to $5.50

Cipher Mining (NASDAQ:CIFR) had its target price lifted by HC Wainwright from $4.50 to $5.50 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock. HC Wainwright also issued estimates for Cipher Mining’s Q2 2024 earnings at ($0.04) EPS, Q3 2024 earnings at ($0.07) EPS, Q4 2024 earnings at ($0.06) EPS and FY2024 earnings at ($0.03) EPS.

Other analysts have also issued research reports about the stock. Cantor Fitzgerald reaffirmed an overweight rating and set a $5.00 target price on shares of Cipher Mining in a report on Thursday, March 28th. Canaccord Genuity Group reissued a buy rating and set a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $5.50.

Cipher Mining Trading Up 4.6 %

NASDAQ:CIFR opened at $3.95 on Tuesday. The company has a market cap of $1.17 billion, a P/E ratio of -39.50 and a beta of 2.32. Cipher Mining has a 1 year low of $1.87 and a 1 year high of $5.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60. The stock’s fifty day moving average price is $4.05 and its two-hundred day moving average price is $3.52.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. The business had revenue of $43.42 million during the quarter, compared to the consensus estimate of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. As a group, analysts expect that Cipher Mining will post -0.15 EPS for the current year.

Institutional Trading of Cipher Mining

Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System purchased a new position in shares of Cipher Mining in the third quarter worth $33,000. Jump Financial LLC bought a new stake in Cipher Mining during the 3rd quarter valued at about $244,000. Barclays PLC raised its holdings in Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after acquiring an additional 7,720 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Cipher Mining by 104.9% during the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock valued at $25,000 after purchasing an additional 5,592 shares in the last quarter. Finally, Swiss National Bank purchased a new stake in shares of Cipher Mining during the 3rd quarter valued at about $255,000. Institutional investors own 12.26% of the company’s stock.

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.