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

Keefe, Bruyette & Woods began coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage issued an outperform rating on the stock.

Several other equities research analysts also recently issued reports on CIFR. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. BTIG Research upped their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Northland Securities raised their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price objective on shares of Cipher Mining in a research report on Tuesday. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Stock Down 6.3 %

Shares of NASDAQ CIFR opened at $5.05 on Wednesday. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.76 billion, a PE ratio of -38.84 and a beta of 2.38. The company’s fifty day simple moving average is $6.09 and its 200 day simple moving average is $4.93. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99.

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

Insider Buying and Selling

In other Cipher Mining 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 completion of the transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their position. The sale was disclosed in a document filed 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 the company’s 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 sale, the insider now owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,446,623 shares of company stock valued at $9,000,561. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Cipher Mining by 9.8% in the third quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock worth $605,000 after buying an additional 13,996 shares in the last quarter. Tidal Investments LLC increased its stake in Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares during the last quarter. Virtu Financial LLC raised its holdings in shares of Cipher Mining by 21.2% in the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after acquiring an additional 21,566 shares in the last quarter. Barclays PLC boosted its position in shares of Cipher Mining by 377.2% during the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after acquiring an additional 234,366 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.