Cipher Mining (NASDAQ:CIFR) Upgraded by Wells Fargo & Company to Strong-Buy Rating

Wells Fargo & Company upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a report published on Thursday,Zacks reports.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price objective 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. BTIG Research raised their price target on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Sanford C. Bernstein assumed coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target on the stock. Finally, Chardan Capital restated a “buy” rating and set a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $16.94 on Thursday. Cipher Mining has a 12 month low of $11.01 and a 12 month high of $30.14. The firm has a market capitalization of $7.03 billion, a P/E ratio of -5.92 and a beta of 3.15. 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 business has a fifty day simple moving average of $18.34 and a two-hundred day simple moving average of $19.17.

Cipher Mining (NASDAQ:CIFR) last announced its 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). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same period in the prior year, the business posted ($0.12) EPS. On average, equities analysts forecast that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the transaction, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.09% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of the business. Situational Awareness LP grew its position 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 raised its position in Cipher Mining by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after acquiring an additional 558,105 shares during the period. Janus Henderson Group PLC raised its position in Cipher Mining by 1.9% in the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after acquiring an additional 81,192 shares during the period. Wellington Management Group LLP boosted its stake in shares of 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 acquiring an additional 3,388,359 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Cipher Mining by 48.7% during the 1st quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock worth $32,423,000 after acquiring an additional 824,618 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

About Cipher Mining

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.