Cipher Mining (NASDAQ:CIFR) Upgraded by UBS Group to Strong-Buy Rating

UBS Group upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks reports.

CIFR has been the topic of several other reports. JPMorgan Chase & Co. decreased their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Morgan Stanley boosted their target price on shares of Cipher Mining from $43.50 to $54.00 and gave the company an “overweight” rating in a report on Friday, September 18th. Rosenblatt Securities restated a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a report on Thursday, September 10th. Chardan Capital restated a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a research report on Tuesday, August 4th. Finally, Freedom Capital upgraded Cipher Mining to a “hold” rating in a research report on Friday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.86.

Cipher Mining Trading Down 3.9%

NASDAQ CIFR opened at $18.35 on Wednesday. Cipher Mining has a 12-month low of $11.01 and a 12-month high of $30.14. The company has a fifty day simple moving average of $18.20 and a two-hundred day simple moving average of $19.26. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69. The stock has a market cap of $7.62 billion, a P/E ratio of -6.42 and a beta of 3.15.

Cipher Mining (NASDAQ:CIFR) last issued 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 return on equity of 156.28% and a negative net margin of 585.75%.The firm had revenue of $24.84 million during the quarter, compared to analysts’ expectations of $31.86 million. During the same quarter last year, the business earned ($0.12) EPS. On average, analysts forecast that Cipher Mining will post -1.36 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, CEO Tyler Page sold 112,500 shares of the stock in a transaction that occurred 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 owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.09% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in Cipher Mining by 237.7% during the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after acquiring an additional 995,735 shares in the last quarter. Moore Capital Management LP acquired a new position in Cipher Mining in the 2nd quarter valued at about $35,077,000. Wellington Management Group LLP increased its stake in Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after purchasing an additional 3,388,359 shares during the period. Foundations Investment Advisors LLC purchased a new stake in Cipher Mining during the fourth quarter worth about $667,000. Finally, Purpose Unlimited Inc. acquired a new stake in shares of Cipher Mining during the fourth quarter worth about $1,558,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.