Cipher Mining (NASDAQ:CIFR) Given “Buy” Rating at Rosenblatt Securities

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reissued by Rosenblatt Securities in a note issued to investors on Thursday, Benzinga reports. They currently have a $30.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 77.51% from the stock’s current price.

Several other research firms have also recently issued reports on CIFR. JPMorgan Chase & Co. decreased their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Needham & Company LLC upped their price target on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Jefferies Financial Group began coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Finally, UBS Group set a $30.00 price objective on Cipher Mining in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $28.61.

Cipher Mining Price Performance

CIFR stock opened at $16.90 on Thursday. Cipher Mining has a 1 year low of $9.25 and a 1 year high of $30.14. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The stock’s 50 day moving average price is $18.95 and its 200 day moving average price is $19.16. The firm has a market cap of $7.01 billion, a P/E ratio of -5.91 and a beta of 3.15.

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

Insider Buying and Selling

In related news, Director Cary Grossman sold 15,000 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Newsome sold 3,758 shares of Cipher Mining stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares in the company, valued at approximately $3,418,898. This trade represents a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 131,258 shares of company stock worth $2,925,288 in the last ninety days. 3.09% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of hedge funds have recently modified their holdings of the business. Los Angeles Capital Management LLC purchased a new stake in Cipher Mining in the 4th quarter worth about $25,000. Arax Advisory Partners lifted its stake in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Cipher Mining in the 4th quarter valued at $28,000. CoreCap Advisors LLC boosted its holdings in Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Cipher Mining by 259.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after purchasing an additional 2,423 shares in the last quarter. Hedge funds and other institutional investors 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.