Jefferies Financial Group Has Lowered Expectations for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its target price cut by Jefferies Financial Group from $12.00 to $10.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group‘s price target points to a potential upside of 53.14% from the company’s current price.

A number of other brokerages have also weighed in on CIFR. Needham & Company LLC dropped their price target on Cipher Mining from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, November 3rd. Rothschild & Co Redburn started coverage on shares of Cipher Mining in a research report on Monday, September 21st. They issued a “neutral” rating and a $18.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Sanford C. Bernstein dropped their target price on shares of Cipher Mining from $32.00 to $23.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 4th. Finally, Keefe, Bruyette & Woods lowered shares of Cipher Mining from an “outperform” rating to a “market perform” rating and set a $9.50 price target on the stock. in a research note on Wednesday, November 4th. Fifteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $21.38.

Cipher Mining Stock Down 4.1%

Shares of CIFR traded down $0.28 during midday trading on Tuesday, hitting $6.53. 33,638,923 shares of the company’s stock traded hands, compared to its average volume of 32,315,838. The company has a current ratio of 1.69, a quick ratio of 3.00 and a debt-to-equity ratio of 9.10. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of -2.13 and a beta of 3.53. Cipher Mining has a 1 year low of $5.07 and a 1 year high of $30.14. The firm’s fifty day moving average is $13.07 and its 200-day moving average is $17.41.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Monday, November 2nd. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.03. Cipher Mining had a negative return on equity of 161.74% and a negative net margin of 742.33%. The firm had revenue of $26.70 million for the quarter, compared to the consensus estimate of $39.31 million. During the same period in the previous year, the business earned $0.10 EPS. The firm’s revenue for the quarter was down 62.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Cipher Mining will post -1.36 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after buying an additional 3,388,359 shares during the period. Janus Henderson Group PLC lifted its stake in Cipher Mining by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock valued at $56,292,000 after acquiring an additional 81,192 shares during the period. Moore Capital Management LP purchased a new stake in shares of Cipher Mining in the 2nd quarter valued at $35,077,000. Jennison Associates LLC boosted its holdings in shares of Cipher Mining by 48.7% in the 1st quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock valued at $32,423,000 after acquiring an additional 824,618 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Cipher Mining in the 1st quarter valued at $24,486,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc. is a U.S.-based bitcoin mining company that develops and operates data centers designed to support large-scale mining operations. Its facilities house specialized computing equipment that helps process transactions and secure the Bitcoin network. The company’s operations and development activities are concentrated in the United States, including sites in Texas. Its work includes building and managing mining infrastructure and sourcing the energy and equipment needed to run its facilities.