Cipher Mining (NASDAQ:CIFR) Downgraded by Wall Street Zen to “Sell”

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

A number of other equities analysts have also commented on the stock. JMP Securities set a $30.00 price objective on shares of Cipher Mining in a research note on Wednesday, November 19th. Macquarie increased their price objective on Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Citigroup began coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They set an “outperform” rating on the stock. Citizens Jmp assumed coverage on shares of Cipher Mining in a report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price target on the stock. Finally, Needham & Company LLC increased their price objective on Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.73.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $15.19 on Friday. The company has a market capitalization of $6.00 billion, a PE ratio of -84.39 and a beta of 2.91. 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 stock has a fifty day moving average of $17.92 and a 200-day moving average of $11.64. Cipher Mining has a one year low of $1.86 and a one year high of $25.52.

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

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 2,167,684 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $21.06, for a total value of $45,651,425.04. Following the sale, the insider owned 61,852,537 shares in the company, valued at approximately $1,302,614,429.22. This trade represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 35,569 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $15.08, for a total transaction of $536,380.52. Following the completion of the sale, the chief operating officer owned 1,151,770 shares in the company, valued at $17,368,691.60. This represents a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 6,970,973 shares of company stock valued at $127,044,253. 2.63% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Sherman Asset Management Inc. bought a new position in Cipher Mining during the third quarter worth about $25,000. Hollencrest Capital Management bought a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $31,000. Peterson Wealth Services acquired a new position in shares of Cipher Mining in the 3rd quarter worth approximately $41,000. Steward Partners Investment Advisory LLC lifted its position in shares of Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after buying an additional 6,516 shares during the period. Finally, Custos Family Office LLC acquired a new stake in Cipher Mining in the 2nd quarter valued at $48,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.