Cipher Mining (NASDAQ:CIFR) Shares Up 15.6% After Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was up 15.6% during mid-day trading on Monday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $18.00 price target on the stock, up from their previous price target of $12.00. Cipher Mining traded as high as $16.05 and last traded at $16.3570. Approximately 9,419,672 shares were traded during trading, a decline of 68% from the average daily volume of 29,682,441 shares. The stock had previously closed at $14.15.

Several other equities research analysts also recently issued reports on the company. Wall Street Zen raised Cipher Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Canaccord Genuity Group reiterated a “buy” rating and issued a $27.00 price objective (up from $16.00) on shares of Cipher Mining in a report on Tuesday, November 4th. Rosenblatt Securities increased their price target on Cipher Mining to $33.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Arete Research initiated coverage on Cipher Mining in a research note on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective on the stock. Finally, Compass Point started coverage on shares of Cipher Mining in a research report on Monday, September 15th. They set a “buy” rating on the stock. Fifteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $24.68.

Insider Buying and Selling

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the firm’s stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the sale, the insider directly owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 20,758,308 shares of company stock valued at $280,420,794 over the last quarter. 2.63% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

Several hedge funds have recently modified their holdings of the stock. Sherman Asset Management Inc. bought a new position in Cipher Mining in the 3rd quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Cipher Mining by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 63,138 shares of the company’s stock worth $795,000 after acquiring an additional 2,133 shares in the last quarter. Hollencrest Capital Management acquired a new stake in Cipher Mining during the 3rd quarter worth approximately $31,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Cipher Mining by 10.0% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 29,247 shares of the company’s stock worth $368,000 after acquiring an additional 2,659 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in shares of Cipher Mining by 7.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock valued at $183,000 after purchasing an additional 2,812 shares during the period. 12.26% of the stock is owned by institutional investors.

Cipher Mining Stock Performance

The stock has a 50-day moving average of $16.79 and a 200-day moving average of $9.39. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of -92.83 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR) last released its earnings results 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 business had revenue of $106.69 million during the quarter, compared to the consensus estimate of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. As a group, analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

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.