Cipher Mining (NASDAQ:CIFR) Coverage Initiated by Analysts at Keefe, Bruyette & Woods

Research analysts at Keefe, Bruyette & Woods started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday,Briefing.com Automated Import reports. The firm set an “outperform” rating on the stock.

CIFR has been the subject of a number of other reports. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a report on Tuesday. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research lifted their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $5.39 on Wednesday. The stock’s 50 day simple moving average is $6.10 and its two-hundred day simple moving average is $4.93. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -41.46 and a beta of 2.38.

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

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. This trade represents a 11.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the business. Millennium Management LLC grew its stake in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in Cipher Mining during the third quarter worth approximately $4,029,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

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.