Wall Street Zen Downgrades Cipher Mining (NASDAQ:CIFR) to Sell

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

Several other research firms have also issued reports on CIFR. HC Wainwright increased their price objective on Cipher Mining to $30.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Citizens Jmp initiated coverage on shares of Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 target price on the stock. Citigroup initiated coverage on shares of Cipher Mining in a report on Wednesday, November 19th. They set an “outperform” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Finally, Macquarie raised their price objective on shares of Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.54.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $15.96 on Friday. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $25.52. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The stock has a market cap of $6.31 billion, a P/E ratio of -88.67 and a beta of 2.94. The company’s 50-day simple moving average is $17.29 and its 200 day simple moving average is $13.79.

Cipher Mining (NASDAQ:CIFR) last released 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. 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 the consensus estimate of $79.13 million. As a group, research analysts forecast that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 35,568 shares of the stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $17.76, for a total value of $631,687.68. Following the transaction, the chief operating officer directly owned 1,512,644 shares in the company, valued at approximately $26,864,557.44. This trade represents a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cary M. Grossman sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $19.00, for a total value of $475,000.00. Following the sale, the director owned 200,530 shares of the company’s stock, valued at approximately $3,810,070. The trade was a 11.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 444,117 shares of company stock valued at $8,340,332 over the last three months. Insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Activest Wealth Management bought a new stake in Cipher Mining during the 4th quarter worth about $324,000. Jennison Associates LLC bought a new stake in shares of Cipher Mining during the fourth quarter worth approximately $25,013,000. State of New Jersey Common Pension Fund D acquired a new position in Cipher Mining in the fourth quarter valued at approximately $2,183,000. Harbor Advisors LLC acquired a new position in Cipher Mining in the fourth quarter valued at approximately $148,000. Finally, Strategic Blueprint LLC boosted its stake in Cipher Mining by 30.6% in the fourth quarter. Strategic Blueprint LLC now owns 28,223 shares of the company’s stock valued at $417,000 after acquiring an additional 6,615 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.