Rosenblatt Securities Reiterates Buy Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed 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’ price objective suggests a potential upside of 77.51% from the company’s current price.

Several other research firms also recently issued reports on CIFR. Keefe, Bruyette & Woods decreased their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Jefferies Financial Group started coverage on Cipher Mining in a research report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target on the stock. Chardan Capital reaffirmed a “buy” rating and set a $32.00 price objective on shares of Cipher Mining in a research report on Tuesday, August 4th. Morgan Stanley set a $43.50 target price on Cipher Mining in a research note on Thursday, August 6th. Finally, Sanford C. Bernstein assumed coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Stock Down 8.7%

Shares of Cipher Mining stock opened at $16.90 on Thursday. The stock has a market capitalization of $7.01 billion, a P/E ratio of -5.91 and a beta of 3.15. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The stock has a 50 day moving average price of $18.95 and a two-hundred day moving average price of $19.16. Cipher Mining has a 12-month low of $9.25 and a 12-month high of $30.14.

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

Insider Activity

In related news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction dated 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 directly owned 9,084,225 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary Grossman sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the transaction, the director owned 143,829 shares in the company, valued at approximately $4,232,887.47. This trade represents a 9.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 131,258 shares of company stock worth $2,925,288. 3.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CIFR. Situational Awareness LP boosted its stake in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Cipher Mining by 2,413.6% in the second quarter. California State Teachers Retirement System now owns 9,198,966 shares of the company’s stock worth $225,375,000 after acquiring an additional 8,833,000 shares in the last quarter. Geode Capital Management LLC increased its stake in Cipher Mining by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after purchasing an additional 558,105 shares in the last quarter. State Street Corp increased its position in shares of Cipher Mining by 10.2% during the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after acquiring an additional 745,030 shares in the last quarter. Finally, Value Aligned Research Advisors LLC increased its holdings in Cipher Mining by 45.9% during the 4th quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after purchasing an additional 2,342,958 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.