Cipher Mining’s (CIFR) “Buy” Rating Reaffirmed at BTIG Research

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by BTIG Research in a report released on Wednesday,Benzinga reports. They presently have a $25.00 price target on the stock. BTIG Research’s price target points to a potential upside of 13.12% from the company’s previous close.

Several other brokerages also recently commented on CIFR. Morgan Stanley reissued an “overweight” rating and issued a $40.50 price objective on shares of Cipher Mining in a research note on Monday, April 27th. Cantor Fitzgerald lowered their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. HC Wainwright upped their target price on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wall Street Zen lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.36.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $22.10 on Wednesday. The company has a market cap of $8.97 billion, a PE ratio of -10.23 and a beta of 3.13. Cipher Mining has a 52 week low of $2.88 and a 52 week high of $25.52. The business has a 50 day moving average price of $15.79 and a 200-day moving average price of $16.80. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative return on equity of 107.05% and a negative net margin of 367.17%.Cipher Mining’s revenue was down 28.8% compared to the same quarter last year. Equities analysts anticipate that Cipher Mining will post -0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Tyler Page sold 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the transaction, the chief executive officer directly owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the transaction, the chief operating officer directly owned 1,441,508 shares of the company’s stock, valued at approximately $21,593,789.84. This represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 148,229 shares of company stock valued at $2,283,968. Insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently bought and sold shares of the company. Abel Hall LLC grew its holdings in Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares during the period. CWM LLC increased its holdings in Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after acquiring an additional 804 shares during the last quarter. Prospera Financial Services Inc increased its holdings in Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after acquiring an additional 980 shares during the last quarter. GAMMA Investing LLC increased its holdings in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares during the last quarter. Finally, Arax Advisory Partners increased its holdings in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.