Cipher Mining’s (CIFR) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Friday morning,Benzinga reports. They currently have a $30.00 target price on the stock.

Other research analysts have also issued research reports about the company. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. JPMorgan Chase & Co. reduced their target price on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Jefferies Financial Group initiated coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.61.

Cipher Mining Stock Performance

Cipher Mining stock opened at $17.74 on Friday. The company has a market cap of $7.36 billion, a price-to-earnings ratio of -6.20 and a beta of 3.15. The firm has a 50-day moving average of $19.33 and a 200-day moving average of $19.11. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. Cipher Mining has a one year low of $7.08 and a one year high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The company had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period in the prior year, the firm posted ($0.12) EPS. On average, equities analysts expect that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Tyler Page sold 112,500 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 131,258 shares of company stock worth $2,925,288. Corporate insiders own 3.09% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. Bank of America Corp DE increased its stake in shares of Cipher Mining by 237.7% in the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock valued at $18,207,000 after buying an additional 995,735 shares during the period. HighTower Advisors LLC raised its holdings in Cipher Mining by 16.6% in the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock valued at $9,915,000 after buying an additional 95,686 shares during the last quarter. Moore Capital Management LP acquired a new stake in Cipher Mining during the 2nd quarter worth approximately $35,077,000. Foundations Investment Advisors LLC acquired a new stake in Cipher Mining during the 4th quarter worth approximately $667,000. Finally, Wellington Management Group LLP boosted its position in Cipher Mining by 567.1% during the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after buying an additional 3,388,359 shares during the period. 12.26% of the stock is currently owned by institutional investors.

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.