Keefe, Bruyette & Woods Has Lowered Expectations for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price target cut by stock analysts at Keefe, Bruyette & Woods from $32.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 49.65% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Chardan Capital restated a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 price target on shares of Cipher Mining in a research report on Wednesday. Morgan Stanley reduced their price objective on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, July 20th. Cantor Fitzgerald cut their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, Needham & Company LLC boosted their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.50.

Cipher Mining Price Performance

Shares of CIFR stock opened at $18.71 on Thursday. The firm’s 50-day moving average is $23.21 and its two-hundred day moving average is $19.14. The company has a market capitalization of $7.65 billion, a PE ratio of -6.54 and a beta of 3.20. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. Cipher Mining has a 12 month low of $4.55 and a 12 month high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.41). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 145.82%. The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. Analysts predict that Cipher Mining will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. 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 value 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. The trade was a 9.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 3,197,167 shares of company stock worth $82,740,496. Corporate insiders own 3.09% of the company’s stock.

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Los Angeles Capital Management LLC acquired a new stake in Cipher Mining during the 4th quarter worth approximately $25,000. Arax Advisory Partners increased its holdings in shares of 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 purchasing an additional 1,338 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $28,000. Danske Bank A S raised its stake in shares of Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after purchasing an additional 2,300 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Cipher Mining by 43.3% during the fourth quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.