Cipher Mining (NASDAQ:CIFR) Raised to “Strong-Buy” at Chardan Capital

Cipher Mining (NASDAQ:CIFR) was upgraded by analysts at Chardan Capital to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

CIFR has been the topic of several other reports. Jefferies Financial Group initiated coverage on shares of Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price on the stock. Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. HC Wainwright upped their price objective on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Finally, Morgan Stanley reduced their target price on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.74.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $20.42 on Monday. The firm’s 50 day simple moving average is $23.35 and its 200 day simple moving average is $18.99. Cipher Mining has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of -8.76 and a beta of 3.18. 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 (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business’s quarterly revenue was down 28.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Cipher Mining will post -0.8 earnings per share for the current year.

Insider Activity

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,200,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total value of $30,588,000.00. Following the transaction, the insider owned 58,316,694 shares of the company’s stock, valued at approximately $1,486,492,530.06. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 3,245,336 shares of company stock worth $83,803,938. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC boosted its stake in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares during the period. Abel Hall LLC raised its stake in shares of Cipher Mining by 3.8% in the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC lifted its holdings in shares of Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after purchasing an additional 750 shares in the last quarter. CWM LLC lifted its holdings in shares of Cipher Mining by 43.3% in the fourth quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after purchasing an additional 804 shares in the last quarter. Finally, Prospera Financial Services Inc boosted its position in shares of Cipher Mining by 6.7% during the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after buying an additional 980 shares during the period. 12.26% of the stock is owned by 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.