Cipher Mining’s (CIFR) “Buy” Rating Reaffirmed at BTIG Research

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued on Wednesday,Benzinga reports. They presently have a $25.00 price target on the stock. BTIG Research’s price target points to a potential upside of 13.12% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. HC Wainwright lifted their price target on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $40.50 price target on shares of Cipher Mining in a research report on Monday, April 27th. Wall Street Zen cut Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Finally, Cantor Fitzgerald reduced their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.36.

Cipher Mining Trading Up 23.5%

Shares of CIFR opened at $22.10 on Wednesday. The business has a 50-day moving average of $15.79 and a 200 day moving average of $16.80. Cipher Mining has a fifty-two week low of $2.88 and a fifty-two week high of $25.52. The firm has a market cap of $8.97 billion, a P/E ratio of -10.23 and a beta of 3.13. The company has a debt-to-equity ratio of 3.37, a quick ratio of 3.79 and a current ratio of 3.79.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 107.05% and a negative net margin of 367.17%.The firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. As a group, research analysts forecast that Cipher Mining will post -0.9 EPS for the current year.

Insiders Place Their Bets

In related news, Director James E. Newsome sold 45,161 shares of Cipher Mining stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the sale, the director owned 127,331 shares of the company’s stock, valued at approximately $2,004,189.94. This trade represents a 26.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tyler Page sold 37,500 shares of Cipher Mining stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total value of $604,125.00. Following the sale, the chief executive officer directly owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. This represents a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 148,229 shares of company stock worth $2,283,968 over the last three months. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after buying an additional 9,865,533 shares during the period. Situational Awareness LP boosted its stake in Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after buying an additional 4,728,600 shares during the period. Geode Capital Management LLC boosted its stake in Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock valued at $120,519,000 after buying an additional 558,105 shares during the period. State Street Corp boosted its stake in Cipher Mining by 10.2% during the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock valued at $119,238,000 after buying an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC boosted its stake in Cipher Mining by 45.9% during the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock valued at $109,925,000 after buying an additional 2,342,958 shares during the period. Institutional investors own 12.26% of the company’s stock.

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.