Cipher Mining (NASDAQ:CIFR) Now Covered by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

A number of other equities analysts have also weighed in on the stock. Northland Securities boosted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Macquarie boosted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. BTIG Research increased their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $5.39 on Wednesday. The business has a fifty day moving average price of $6.10 and a 200-day moving average price of $4.93. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market capitalization of $1.87 billion, a PE ratio of -41.46 and a beta of 2.38. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the business posted ($0.07) earnings per share. As a group, equities analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,446,623 shares of company stock valued at $9,000,561 in the last quarter. 2.25% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC purchased a new stake in Cipher Mining during the 3rd quarter valued at approximately $33,000. Xponance Inc. bought a new stake in shares of Cipher Mining during the second quarter valued at approximately $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining in the third quarter worth $45,000. Finally, Prospect Financial Services LLC bought a new position in shares of Cipher Mining during the third quarter worth $47,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

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.