UBS Group Begins Coverage on Cipher Mining (NASDAQ:CIFR)

Equities research analysts at UBS Group initiated coverage on shares of Cipher Mining (NASDAQ:CIFR) in a note issued to investors on Wednesday, MarketBeat reports. The firm set a “buy” rating and a $23.00 price target on the stock. UBS Group’s price objective points to a potential upside of 27.07% from the stock’s current price.

Several other analysts have also recently commented on the stock. Citigroup reiterated a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. Rosenblatt Securities restated a “buy” rating and set a $30.00 target price on shares of Cipher Mining in a research report on Thursday, September 10th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 target price for the company. Rothschild & Co Redburn assumed coverage on shares of Cipher Mining in a research report on Monday. They set a “neutral” rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price target on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $28.86.

Cipher Mining Price Performance

CIFR stock traded down $0.25 on Wednesday, reaching $18.10. 25,899,213 shares of the company’s stock were exchanged, compared to its average volume of 29,075,105. The stock has a fifty day moving average of $18.20 and a 200-day moving average of $19.26. Cipher Mining has a twelve month low of $11.01 and a twelve month high of $30.14. The firm has a market cap of $7.51 billion, a PE ratio of -6.33 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.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS 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 during the quarter, compared to analyst estimates of $31.86 million. During the same period last year, the business posted ($0.12) EPS. As a group, equities analysts predict that Cipher Mining will post -1.36 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction 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. This trade represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. CoreCap Advisors LLC increased its position in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after buying an additional 500 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of Cipher Mining in the second quarter valued at $49,000. Harbor Investment Advisory LLC purchased a new stake in shares of Cipher Mining in the second quarter valued at $58,000. EverSource Wealth Advisors LLC boosted its stake in shares of Cipher Mining by 259.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after acquiring an additional 2,423 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Cipher Mining during the second quarter valued at $99,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.