Cipher Mining (NASDAQ:CIFR) Rating Lowered to Strong Sell at Wall Street Zen

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

Several other research firms also recently weighed in on CIFR. Citizens Jmp set a $30.00 target price on shares of Cipher Mining in a report on Wednesday, November 19th. HC Wainwright dropped their price objective on Cipher Mining to $25.00 and set a “buy” rating for the company in a research note on Wednesday. Canaccord Genuity Group reiterated a “buy” rating and issued a $27.00 price objective on shares of Cipher Mining in a report on Monday, December 15th. Citigroup began coverage on Cipher Mining in a research note on Wednesday, November 19th. They set an “outperform” rating on the stock. Finally, Zacks Research downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.46.

Cipher Mining Price Performance

Shares of CIFR opened at $15.60 on Friday. The firm has a 50-day simple moving average of $16.46 and a two-hundred day simple moving average of $15.25. The stock has a market cap of $6.32 billion, a PE ratio of -7.22 and a beta of 2.95. 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 3.37, a current ratio of 3.79 and a quick ratio of 2.49.

Insider Buying and Selling

In other Cipher Mining news, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the sale, the director owned 158,145 shares in the company, valued at $2,542,971.60. This represents a 23.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Arthur Kelly sold 35,569 shares of Cipher Mining stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $15.08, for a total value of $536,380.52. Following the completion of the transaction, the chief operating officer owned 1,151,770 shares of the company’s stock, valued at $17,368,691.60. The trade was a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 142,825 shares of company stock valued at $2,319,720 in the last three months. 2.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kera Capital Partners Inc. acquired a new stake in Cipher Mining during the 4th quarter worth $196,000. Virtu Financial LLC acquired a new position in Cipher Mining in the fourth quarter valued at $249,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Cipher Mining during the fourth quarter worth about $53,315,000. Corient Private Wealth LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth about $614,000. Finally, Creek Drive Management Group LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth about $460,000. Institutional investors and hedge funds 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.