Cipher Mining (NASDAQ:CIFR) Price Target Lowered to $48.50 at Morgan Stanley

Cipher Mining (NASDAQ:CIFR) had its price objective reduced by analysts at Morgan Stanley from $53.50 to $48.50 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 94.50% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Sanford C. Bernstein initiated coverage on Cipher Mining in a research note on Wednesday. They set an “outperform” rating and a $32.00 price objective for the company. Jefferies Financial Group initiated coverage on Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective for the company. BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, May 6th. HC Wainwright raised their price objective on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods raised their price objective on Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Sixteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and a consensus target price of $27.69.

Cipher Mining Stock Performance

CIFR traded down $1.30 during trading hours on Thursday, hitting $24.94. The company’s stock had a trading volume of 8,604,007 shares, compared to its average volume of 27,583,320. Cipher Mining has a fifty-two week low of $3.29 and a fifty-two week high of $28.62. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm has a market capitalization of $10.20 billion, a PE ratio of -10.62 and a beta of 3.18. The company has a 50-day simple moving average of $18.75 and a 200 day simple moving average of $17.17.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The company’s revenue was down 28.8% compared to the same quarter last year. As a group, sell-side analysts expect that Cipher Mining will post -0.8 EPS for the current year.

Insider Buying and Selling

In other Cipher Mining news, Director Cary M. Grossman sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the sale, the director owned 150,530 shares of the company’s stock, valued at $3,284,564.60. The trade was a 11.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wesley Hastie Williams sold 14,567 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the sale, the director directly owned 115,409 shares of the company’s stock, valued at $2,470,906.69. This represents a 11.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 213,804 shares of company stock worth $3,877,735 over the last ninety days. 2.63% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in shares of Cipher Mining by 237.7% during the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after purchasing an additional 995,735 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Cipher Mining by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after purchasing an additional 81,192 shares during the last quarter. Amundi acquired a new position in shares of Cipher Mining during the 1st quarter worth about $198,000. EverSource Wealth Advisors LLC lifted its position in shares of Cipher Mining by 259.4% during the 1st 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 during the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Cipher Mining by 22.2% during the 1st quarter. California State Teachers Retirement System now owns 365,966 shares of the company’s stock worth $4,710,000 after purchasing an additional 66,518 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.