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

Cipher Mining (NASDAQ:CIFR) had its target price reduced by Keefe, Bruyette & Woods from $22.00 to $20.00 in a report released on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $12.00 to $18.00 in a report on Monday, November 24th. Citizens Jmp set a $30.00 price objective on Cipher Mining in a report on Wednesday, November 19th. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 target price on shares of Cipher Mining in a research report on Monday, December 15th. Wells Fargo & Company set a $18.00 target price on Cipher Mining in a research note on Monday, November 24th. Finally, Needham & Company LLC reduced their price target on Cipher Mining to $22.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average target price of $24.32.

Cipher Mining Trading Up 2.7%

Cipher Mining stock opened at $14.08 on Wednesday. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $25.52. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of -6.52 and a beta of 2.96. The firm has a 50-day moving average price of $16.27 and a two-hundred day moving average price of $15.80.

Insider Transactions at Cipher Mining

In related news, Director James E. Newsome sold 45,161 shares of the firm’s stock in a transaction that occurred on 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 trade represents a 26.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wesley Hastie Williams sold 49,867 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $16.08, for a total value of $801,861.36. Following the sale, the director directly owned 158,145 shares in the company, valued at approximately $2,542,971.60. The trade was a 23.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 187,986 shares of company stock valued at $3,030,554. Company insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Sherman Asset Management Inc. bought a new stake in shares of Cipher Mining in the 3rd quarter worth $25,000. Los Angeles Capital Management LLC bought a new position in Cipher Mining during the fourth quarter valued at about $25,000. Arax Advisory Partners boosted its stake in Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after buying an additional 1,338 shares in the last quarter. GAMMA Investing LLC grew its holdings in Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in Cipher Mining during the fourth quarter worth about $28,000. 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.