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

Cipher Mining (NASDAQ:CIFR) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other equities analysts have also recently issued reports on CIFR. Macquarie upped their price objective on Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. JMP Securities set a $30.00 target price on Cipher Mining in a research note on Wednesday, November 19th. BTIG Research reiterated a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a research report on Wednesday, November 5th. Citigroup began coverage on shares of Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $12.00 to $18.00 in a research note on Monday, November 24th. Twelve equities 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.73.

Cipher Mining Stock Up 1.0%

CIFR stock opened at $17.57 on Friday. The company’s 50 day moving average is $16.98 and its 200 day moving average is $13.39. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of -97.61 and a beta of 2.94. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $25.52.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The business had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. Sell-side analysts predict that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider William Iwaschuk sold 173,094 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total value of $3,898,076.88. Following the completion of the transaction, the insider owned 1,054,488 shares in the company, valued at $23,747,069.76. This trade represents a 14.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James E. Newsome sold 21,821 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.03, for a total value of $349,790.63. Following the completion of the sale, the director directly owned 172,492 shares in the company, valued at approximately $2,765,046.76. The trade was a 11.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 444,117 shares of company stock valued at $8,340,332 over the last quarter. 2.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after acquiring an additional 2,699,717 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cipher Mining by 18.1% in the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock worth $34,621,000 after purchasing an additional 1,108,850 shares during the period. Tidal Investments LLC increased its stake in shares of Cipher Mining by 28.3% during the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after purchasing an additional 1,541,138 shares in the last quarter. Invesco Ltd. boosted its position in shares of Cipher Mining by 40.0% in the 3rd quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock worth $86,268,000 after purchasing an additional 1,958,385 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Cipher Mining by 64.9% in the 3rd quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock worth $84,937,000 after buying an additional 2,655,015 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.