Rosenblatt Securities Reiterates Buy Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by analysts at Rosenblatt Securities in a research note issued on Friday, Benzinga reports. They currently have a $30.00 price target on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 72.71% from the stock’s previous close.

Several other equities analysts have also issued reports on CIFR. Sanford C. Bernstein initiated coverage on Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. BTIG Research boosted their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Jefferies Financial Group assumed coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.61.

Cipher Mining Stock Performance

Shares of CIFR opened at $17.37 on Friday. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69. The stock has a market capitalization of $7.21 billion, a P/E ratio of -6.07 and a beta of 3.15. The firm’s fifty day simple moving average is $19.49 and its two-hundred day simple moving average is $19.11. Cipher Mining has a 12 month low of $7.08 and a 12 month high of $30.14.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The business had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the previous year, the business posted ($0.12) earnings per share. As a group, analysts predict that Cipher Mining will post -1.36 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares in the company, valued at $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the transaction, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. This represents a 2.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 131,258 shares of company stock worth $2,925,288. 3.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its holdings in Cipher Mining by 2,413.6% during the 2nd quarter. California State Teachers Retirement System now owns 9,198,966 shares of the company’s stock worth $225,375,000 after purchasing an additional 8,833,000 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in shares of Cipher Mining during the third quarter valued at approximately $70,524,000. Situational Awareness LP grew its holdings in Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after buying an additional 4,728,600 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Cipher Mining by 3,718.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock worth $63,359,000 after buying an additional 4,180,362 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in Cipher Mining in the 1st quarter valued at $9,316,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.