Cipher Mining (NASDAQ:CIFR) Given New $51.50 Price Target at Morgan Stanley

Cipher Mining (NASDAQ:CIFR) had its price target lowered by stock analysts at Morgan Stanley from $54.00 to $51.50 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 291.78% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. Freedom Capital upgraded shares of Cipher Mining to a “hold” rating in a research report on Friday, September 18th. Wells Fargo & Company initiated coverage on shares of Cipher Mining in a report on Thursday, September 17th. They issued an “overweight” rating and a $25.00 target price on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Rothschild & Co Redburn assumed coverage on shares of Cipher Mining in a research note on Monday, September 21st. They set a “neutral” rating and a $18.00 target price for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average target price of $28.72.

Cipher Mining Stock Performance

CIFR traded down $0.38 during midday trading on Monday, hitting $13.14. 10,340,608 shares of the company traded hands, compared to its average volume of 29,114,090. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The firm has a market capitalization of $5.46 billion, a PE ratio of -4.60 and a beta of 3.20. The company’s 50-day moving average is $16.83 and its 200 day moving average is $19.38. Cipher Mining has a 52 week low of $11.72 and a 52 week high of $30.14.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The company had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. During the same period in the previous year, the business earned ($0.12) EPS. On average, research analysts expect that Cipher Mining will post -1.36 EPS for the current year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. GK Wealth Management LLC purchased a new position in shares of Cipher Mining during the 3rd quarter worth $25,000. CoreCap Advisors LLC increased its position in Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after buying an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Cipher Mining by 259.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after buying an additional 2,423 shares in the last quarter. Ancora Advisors LLC bought a new position in shares of Cipher Mining in the second quarter worth about $49,000. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Cipher Mining during the 2nd quarter valued at about $58,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.