Cipher Mining (NASDAQ:CIFR) Upgraded by Wall Street Zen to Hold Rating

Cipher Mining (NASDAQ:CIFR) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other research analysts have also weighed in on the company. Arete initiated 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. Rosenblatt Securities upped their price target on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a research note on Tuesday. Macquarie increased their price target on shares of Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a report on Wednesday. Finally, Arete Research started coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price for the company. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.77.

Cipher Mining Trading Down 4.7%

Shares of Cipher Mining stock opened at $20.69 on Friday. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $25.52. The company has a quick ratio of 4.18, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The company’s 50-day simple moving average is $15.26 and its 200-day simple moving average is $8.32. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of -114.94 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The company had revenue of $71.71 million for the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. As a group, equities research analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other news, insider William Iwaschuk sold 173,094 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total value of $3,898,076.88. Following the sale, the insider directly owned 1,054,488 shares in the company, valued at $23,747,069.76. This represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Ltd V3 sold 535,843 shares of Cipher Mining stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $20.32, for a total value of $10,888,329.76. Following the transaction, the insider owned 61,316,694 shares of the company’s stock, valued at $1,245,955,222.08. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,822,449 shares of company stock valued at $279,929,441 over the last quarter. Corporate insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently modified their holdings of CIFR. Sherman Asset Management Inc. acquired a new position in Cipher Mining in the 3rd quarter valued at $25,000. Hollencrest Capital Management purchased a new position in Cipher Mining in the third quarter valued at approximately $31,000. Peterson Wealth Services purchased a new stake in Cipher Mining during the 3rd quarter worth $41,000. PNC Financial Services Group Inc. grew its stake in shares of Cipher Mining by 184.3% in the third quarter. PNC Financial Services Group Inc. now owns 5,328 shares of the company’s stock valued at $67,000 after buying an additional 3,454 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Cipher Mining in the third quarter valued at approximately $76,000. Institutional investors and hedge funds 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.