Cipher Mining (NASDAQ:CIFR) Stock Price Target Cut by Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR) had its target price lowered by equities research analysts at Cantor Fitzgerald from $28.00 to $19.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target points to a potential upside of 89.24% from the stock’s current price.

CIFR has been the topic of several other reports. Chardan Capital reiterated a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. Keefe, Bruyette & Woods dropped their target price on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Monday, September 21st. Citigroup restated a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Finally, UBS Group assumed coverage on Cipher Mining in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $23.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $28.56.

Cipher Mining Price Performance

Shares of Cipher Mining stock opened at $10.04 on Friday. The firm has a market cap of $4.17 billion, a P/E ratio of -3.51 and a beta of 3.20. The firm’s 50-day simple moving average is $16.09 and its 200-day simple moving average is $19.27. Cipher Mining has a twelve month low of $8.79 and a twelve month high of $30.14. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period last year, the company earned ($0.12) EPS. As a group, research analysts expect that Cipher Mining will post -1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in the company. CoreCap Advisors LLC boosted its position in Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares in the last quarter. Abel Hall LLC grew its stake in Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after buying an additional 739 shares during the last quarter. Rathbones Group PLC grew its stake in Cipher Mining by 7.0% during the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after buying an additional 750 shares during the last quarter. DKM Wealth Management Inc. increased its holdings in shares of Cipher Mining by 5.8% during the third quarter. DKM Wealth Management Inc. now owns 14,152 shares of the company’s stock worth $224,000 after buying an additional 771 shares in the last quarter. Finally, Navellier & Associates Inc. increased its holdings in shares of Cipher Mining by 3.7% during the second quarter. Navellier & Associates Inc. now owns 25,230 shares of the company’s stock worth $618,000 after buying an additional 901 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.