Cipher Mining (NASDAQ:CIFR) Earns Buy Rating from Rosenblatt Securities

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $30.00 target price on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 14.71% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods boosted their price objective on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Cantor Fitzgerald decreased their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. HC Wainwright lifted their price objective on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $28.31.

Cipher Mining Stock Performance

Shares of CIFR opened at $26.15 on Thursday. Cipher Mining has a one year low of $3.65 and a one year high of $30.14. The company has a market cap of $10.70 billion, a PE ratio of -11.22 and a beta of 3.18. The stock has a 50-day moving average of $22.09 and a 200-day moving average of $18.06. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm’s quarterly revenue was down 28.8% on a year-over-year basis. On average, equities research analysts predict that Cipher Mining will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total value of $929,280.00. Following the completion of the sale, the chief operating officer owned 1,451,856 shares in the company, valued at $28,107,932.16. This represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wesley Hastie Williams sold 28,169 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total transaction of $627,041.94. Following the completion of the sale, the director owned 129,976 shares of the company’s stock, valued at approximately $2,893,265.76. This represents a 17.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 3,132,836 shares of company stock worth $81,420,063. Company insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Los Angeles Capital Management LLC purchased a new position in shares of Cipher Mining in the 4th quarter worth approximately $25,000. Arax Advisory Partners increased its position in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares during the period. Meeder Asset Management Inc. bought a new stake in Cipher Mining during the fourth quarter worth $28,000. Finally, Danske Bank A S boosted its position in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.