Compass Point Initiates Coverage on Cipher Mining (NASDAQ:CIFR)

Compass Point initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage issued a buy rating on the stock.

Several other analysts have also issued reports on the stock. Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Thursday, June 5th. Jones Trading initiated coverage on shares of Cipher Mining in a research report on Monday, July 21st. They issued a “hold” rating on the stock. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Finally, Canaccord Genuity Group lifted their price target on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Cipher Mining presently has an average rating of “Moderate Buy” and an average price target of $8.11.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $12.38 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of -28.79 and a beta of 2.76. The company’s fifty day moving average is $6.82 and its two-hundred day moving average is $4.57. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $12.66.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. Equities research analysts forecast that Cipher Mining will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 44,870 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer directly owned 1,044,390 shares of the company’s stock, valued at $11,279,412. This represents a 4.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 900,000 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $11.77, for a total value of $10,593,000.00. Following the completion of the sale, the insider directly owned 79,442,259 shares of the company’s stock, valued at approximately $935,035,388.43. This trade represents a 1.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 11,611,532 shares of company stock valued at $91,453,642. 2.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of CIFR. Millennium Management LLC acquired a new position in shares of Cipher Mining in the 1st quarter valued at approximately $9,316,000. Alyeska Investment Group L.P. acquired a new position in shares of Cipher Mining in the 1st quarter valued at approximately $7,094,000. Helix Partners Management LP grew its position in shares of Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock valued at $10,120,000 after purchasing an additional 2,153,058 shares during the period. JPMorgan Chase & Co. grew its position in shares of Cipher Mining by 996.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock valued at $10,645,000 after purchasing an additional 2,023,994 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after purchasing an additional 1,610,073 shares during the period. 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.