Keefe, Bruyette & Woods Lowers Cipher Mining (NASDAQ:CIFR) Price Target to $20.00

Cipher Mining (NASDAQ:CIFR) had its price objective lowered by Keefe, Bruyette & Woods from $22.00 to $20.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 45.88% from the stock’s previous close.

CIFR has been the subject of a number of other reports. Citigroup began coverage on Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating for the company. Wells Fargo & Company set a $18.00 price target on Cipher Mining in a research report on Monday, November 24th. Morgan Stanley began coverage on Cipher Mining in a research note on Monday, February 9th. They issued an “overweight” rating and a $38.00 price target for the company. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $12.00 to $18.00 in a research note on Monday, November 24th. Finally, Wall Street Zen cut Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.32.

Cipher Mining Stock Down 2.8%

NASDAQ:CIFR opened at $13.71 on Wednesday. The firm’s 50 day simple moving average is $16.31 and its 200 day simple moving average is $15.75. The company has a market cap of $5.55 billion, a PE ratio of -6.35 and a beta of 2.96. Cipher Mining has a one year low of $1.86 and a one 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 3.79.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director Wesley Hastie Williams sold 49,867 shares of Cipher Mining stock in a transaction on Friday, December 19th. The shares were sold at an average price of $16.08, for a total value of $801,861.36. Following the completion of the sale, the director directly owned 158,145 shares of the company’s stock, valued at approximately $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Newsome sold 45,161 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the transaction, the director owned 127,331 shares in the company, valued at $2,004,189.94. This represents a 26.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 187,986 shares of company stock worth $3,030,554 in the last quarter. Company insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Millennium Management LLC acquired a new position in Cipher Mining during the 1st quarter worth approximately $9,316,000. Goldman Sachs Group Inc. grew its stake in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after acquiring an additional 1,610,073 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Cipher Mining by 7.9% during the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock valued at $183,000 after acquiring an additional 2,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Cipher Mining by 42.9% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,005 shares of the company’s stock valued at $292,000 after acquiring an additional 18,304 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Cipher Mining by 24.0% during the second quarter. ProShare Advisors LLC now owns 54,387 shares of the company’s stock worth $260,000 after purchasing an additional 10,543 shares during the period. 12.26% of the stock is owned by institutional investors.

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.