Cipher Mining (NASDAQ:CIFR) Upgraded to “Hold” at Rothschild & Co Redburn

by · The Markets Daily

Cipher Mining (NASDAQ:CIFR – Get Free Report) was upgraded by Rothschild & Co Redburn to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Other equities research analysts also recently issued reports about the company. BTIG Research lifted their price objective on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. cut their target price on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. Chardan Capital reiterated a “buy” rating and set a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.97.

Get Our Latest Stock Report on CIFR

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $18.90 on Monday. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of -6.61 and a beta of 3.15. Cipher Mining has a one year low of $11.01 and a one year high of $30.14. The business has a fifty day simple moving average of $18.24 and a 200 day simple moving average of $19.22. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

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

Insider Buying and Selling

In related news, CEO Tyler Page sold 112,500 shares of the 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 sale, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased its position in 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 worth $18,207,000 after purchasing an additional 995,735 shares during the period. HighTower Advisors LLC grew its position in shares of Cipher Mining by 16.6% during the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after buying an additional 95,686 shares during the period. Moore Capital Management LP bought a new stake in shares of Cipher Mining during the second quarter worth approximately $35,077,000. Foundations Investment Advisors LLC acquired a new position in Cipher Mining in the fourth quarter valued at approximately $667,000. Finally, Wellington Management Group LLP lifted its holdings in Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after buying an additional 3,388,359 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

(Get Free Report)

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.

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