Cipher Mining (NASDAQ:CIFR) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cipher Mining (NASDAQ:CIFR) from a neutral rating to an overweight rating in a report released on Monday morning, Marketbeat.com reports. They currently have $18.00 price objective on the stock, up from their prior price objective of $12.00.

CIFR has been the topic of several other reports. Rosenblatt Securities raised their target price on Cipher Mining to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Compass Point initiated coverage on shares of Cipher Mining in a research note on Monday, September 15th. They set a “buy” rating on the stock. Arete started coverage on shares of Cipher Mining in a research note on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price for the company. Wells Fargo & Company set a $18.00 price target on shares of Cipher Mining in a research report on Monday. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Cipher Mining in a report on Wednesday, November 5th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average target price of $24.68.

Cipher Mining Trading Up 18.1%

Shares of Cipher Mining stock opened at $16.71 on Monday. The stock has a market cap of $6.60 billion, a PE ratio of -92.83 and a beta of 2.91. The firm has a fifty day moving average price of $16.79 and a 200 day moving average price of $9.39. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $25.52. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49.

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

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares of the company’s stock, valued at $882,970,206.84. This trade represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 20,758,308 shares of company stock worth $280,420,794 in the last ninety days. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of the company. Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining during the third quarter valued at approximately $25,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining during the first quarter worth approximately $29,000. Hollencrest Capital Management acquired a new position in Cipher Mining in the 3rd quarter valued at $31,000. Peterson Wealth Services purchased a new position in Cipher Mining in the 3rd quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Cipher Mining by 258.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock valued at $43,000 after purchasing an additional 6,516 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.