Cipher Mining (NASDAQ:CIFR) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Cipher Mining (NASDAQ:CIFR) from a hold rating to a sell rating in a report published on Saturday morning.

Other research analysts also recently issued reports about the company. HC Wainwright upped their price target on Cipher Mining to $30.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 price target on shares of Cipher Mining in a research report on Monday, December 15th. JMP Securities set a $30.00 price target on Cipher Mining in a report on Wednesday, November 19th. BTIG Research reiterated a “buy” rating and set a $25.00 target price on shares of Cipher Mining in a research report on Wednesday, November 5th. Finally, Needham & Company LLC raised their target price on shares of Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.73.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $15.19 on Friday. The firm has a 50 day moving average of $17.92 and a 200 day moving average of $11.69. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of -84.39 and a beta of 2.91. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $25.52. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The company had revenue of $106.69 million for the quarter, compared to the consensus estimate of $79.13 million. On average, research analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Activity

In other news, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the transaction, the director directly owned 158,145 shares of the company’s stock, valued at approximately $2,542,971.60. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Iwaschuk sold 173,094 shares of the stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total value of $3,898,076.88. Following the completion of the sale, the insider owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. This trade represents a 14.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,970,973 shares of company stock valued at $127,044,253 over the last three months. Company insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of CIFR. HighTower Advisors LLC grew its position in Cipher Mining by 309.4% during the 1st quarter. HighTower Advisors LLC now owns 73,810 shares of the company’s stock worth $170,000 after purchasing an additional 55,782 shares during the period. American Century Companies Inc. lifted its holdings in Cipher Mining by 5.8% during the first quarter. American Century Companies Inc. now owns 481,571 shares of the company’s stock valued at $1,108,000 after purchasing an additional 26,530 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Cipher Mining by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock worth $64,000 after purchasing an additional 2,940 shares during the last quarter. Vident Advisory LLC lifted its stake in Cipher Mining by 11.9% in the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company’s stock valued at $10,934,000 after buying an additional 503,694 shares in the last quarter. Finally, SRN Advisors LLC increased its stake in Cipher Mining by 42.1% during the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock worth $654,000 after buying an additional 84,148 shares in the last quarter. 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.