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

Wall Street Zen upgraded shares of Cipher Mining (NASDAQ:CIFR) from a sell rating to a hold rating in a report issued on Saturday.

A number of other research analysts have also recently commented on CIFR. JPMorgan Chase & Co. boosted their price objective on Cipher Mining from $6.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, September 26th. Northland Securities set a $27.50 target price on Cipher Mining in a report on Tuesday. Arete began coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 price target on the stock. Compass Point started coverage on Cipher Mining in a report on Monday, September 15th. They issued a “buy” rating for the company. Finally, Macquarie lifted their price objective on shares of Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.77.

Cipher Mining Trading Down 4.7%

CIFR traded down $1.02 during trading on Friday, hitting $20.69. 45,291,251 shares of the company’s stock were exchanged, compared to its average volume of 54,390,904. Cipher Mining has a 1 year low of $1.86 and a 1 year high of $25.52. The stock has a 50 day moving average price of $15.26 and a 200 day moving average price of $8.36. The firm has a market cap of $8.17 billion, a P/E ratio of -114.94 and a beta of 2.91. The company has a current ratio of 2.49, a quick ratio of 4.18 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, beating 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 $71.71 million for the quarter, compared to the consensus estimate of $79.13 million. As a group, analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 26,581 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $21.08, for a total transaction of $560,327.48. Following the completion of the transaction, the chief operating officer directly owned 1,213,919 shares in the company, valued at approximately $25,589,412.52. This represents a 2.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider William Iwaschuk sold 173,094 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total value of $3,898,076.88. Following the transaction, the insider owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. This trade represents a 14.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 20,822,449 shares of company stock worth $279,929,441 in the last 90 days. 2.63% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. Helix Partners Management LP lifted its position in shares of Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after buying an additional 2,153,058 shares during the last quarter. Greenleaf Trust bought a new stake in shares of Cipher Mining during the 2nd quarter valued at about $108,000. Impact Partnership Wealth LLC acquired a new stake in Cipher Mining during the first quarter worth about $109,000. SRN Advisors LLC lifted its holdings in Cipher Mining by 42.1% in the first quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock worth $654,000 after acquiring an additional 84,148 shares during the last quarter. Finally, Anthracite Investment Company Inc. acquired a new position in Cipher Mining in the second quarter valued at approximately $163,000. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.