Cipher Mining Inc. (NASDAQ:CIFR) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Cipher Mining Inc. (NASDAQ:CIFR) has earned an average recommendation of “Moderate Buy” from the twenty research firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $21.38.

CIFR has been the topic of a number of recent analyst reports. Cantor Fitzgerald dropped their price objective on Cipher Mining from $19.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 3rd. Keefe, Bruyette & Woods downgraded Cipher Mining from an “outperform” rating to a “market perform” rating and set a $9.50 target price for the company. in a research note on Wednesday, November 4th. Jefferies Financial Group decreased their target price on Cipher Mining from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, November 10th. Morgan Stanley lowered their target price on Cipher Mining to $27.50 and set an “overweight” rating on the stock in a report on Monday, November 9th. Finally, Wells Fargo & Company lowered their target price on Cipher Mining from $25.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, November 3rd.

Cipher Mining Stock Performance

NASDAQ:CIFR traded down $0.29 during midday trading on Friday, reaching $6.86. The stock had a trading volume of 39,369,979 shares, compared to its average volume of 54,600,072. The stock has a market capitalization of $3.13 billion, a P/E ratio of -2.23 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 company has a debt-to-equity ratio of 9.10, a current ratio of 1.69 and a quick ratio of 1.69. The firm’s fifty day simple moving average is $12.37 and its 200-day simple moving average is $17.20.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Monday, November 2nd. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. Cipher Mining had a negative net margin of 742.33% and a negative return on equity of 161.74%. The firm had revenue of $26.70 million during the quarter, compared to analyst estimates of $39.31 million. During the same quarter in the previous year, the business earned $0.10 EPS. The business’s revenue was down 62.8% on a year-over-year basis. On average, equities research analysts forecast that Cipher Mining will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Jump Financial LLC increased its position in Cipher Mining by 2,010.9% during the third quarter. Jump Financial LLC now owns 288,068 shares of the company’s stock worth $4,559,000 after acquiring an additional 274,421 shares during the period. Sachem Head Capital Management LP acquired a new position in Cipher Mining during the 3rd quarter valued at $185,043,000. Headlands Technologies LLC raised its stake in Cipher Mining by 137.7% during the 3rd quarter. Headlands Technologies LLC now owns 28,834 shares of the company’s stock valued at $456,000 after purchasing an additional 16,705 shares during the last quarter. Empowered Funds LLC bought a new stake in Cipher Mining in the 3rd quarter valued at $599,000. Finally, Shannon River Fund Management LLC boosted its holdings in Cipher Mining by 137.9% in the 3rd quarter. Shannon River Fund Management LLC now owns 1,589,003 shares of the company’s stock valued at $25,146,000 after purchasing an additional 921,072 shares during the period. 12.26% of the stock is owned by institutional investors.

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.