Cipher Mining (NASDAQ:CIFR) Stock Rating Upgraded by Chardan Capital

Cipher Mining (NASDAQ:CIFR) was upgraded by equities researchers at Chardan Capital to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research firms also recently commented on CIFR. Keefe, Bruyette & Woods raised their price objective on Cipher Mining from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday. Cantor Fitzgerald cut their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Jefferies Financial Group began coverage on shares of Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price for the company. Sanford C. Bernstein started coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price on the stock. Finally, BTIG Research lifted their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.74.

Cipher Mining Trading Down 5.7%

NASDAQ:CIFR opened at $20.42 on Monday. Cipher Mining has a one year low of $4.55 and a one year high of $30.14. The business has a fifty day moving average price of $23.35 and a 200-day moving average price of $18.99. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of -8.76 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. The company’s revenue was down 28.8% compared to the same quarter last year. Sell-side analysts forecast that Cipher Mining will post -0.8 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, Director Cary M. Grossman sold 15,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the transaction, the director directly owned 143,829 shares in the company, valued at $4,232,887.47. The trade was a 9.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Newsome sold 3,758 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director directly owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. This trade represents a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 3,245,336 shares of company stock valued at $83,803,938. 2.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. CoreCap Advisors LLC grew its holdings in Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Cipher Mining in the fourth quarter worth $25,000. Arax Advisory Partners lifted its holdings in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of 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 last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Cipher Mining during the fourth quarter valued at $28,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.