Cipher Mining (NASDAQ:CIFR) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Cipher Mining (NASDAQ:CIFR) from a hold rating to a strong sell rating in a research note released on Sunday morning.

A number of other equities analysts also recently issued reports on the company. Zacks Research downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Citigroup initiated coverage on Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Citizens Jmp set a $30.00 target price on Cipher Mining in a research report on Wednesday, November 19th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a research report on Monday, December 15th. Finally, BTIG Research reiterated a “buy” rating and issued a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, November 5th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.46.

Cipher Mining Stock Down 5.3%

Shares of Cipher Mining stock opened at $15.60 on Friday. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $25.52. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The company’s 50 day moving average is $16.46 and its 200 day moving average is $15.33. The company has a market cap of $6.32 billion, a price-to-earnings ratio of -7.22 and a beta of 2.96.

Insiders Place Their Bets

In other news, Director James E. Newsome sold 21,821 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $16.03, for a total value of $349,790.63. Following the transaction, the director owned 172,492 shares of the company’s stock, valued at $2,765,046.76. This trade represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wesley Hastie Williams sold 49,867 shares of Cipher Mining stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.08, for a total value of $801,861.36. Following the transaction, the director directly owned 158,145 shares in the company, valued at approximately $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 142,825 shares of company stock worth $2,319,720 over the last quarter. 2.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in Cipher Mining by 996.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock worth $10,645,000 after buying an additional 2,023,994 shares in the last quarter. Thames Capital Management LLC purchased a new position in shares of Cipher Mining in the third quarter valued at about $19,070,000. Legal & General Group Plc boosted its stake in shares of Cipher Mining by 33.4% in the second quarter. Legal & General Group Plc now owns 298,446 shares of the company’s stock worth $1,427,000 after acquiring an additional 74,744 shares during the period. Soros Fund Management LLC boosted its stake in shares of Cipher Mining by 67.5% in the second quarter. Soros Fund Management LLC now owns 1,300,000 shares of the company’s stock worth $6,214,000 after acquiring an additional 524,044 shares during the period. Finally, Two Seas Capital LP purchased a new stake in shares of Cipher Mining during the second quarter worth about $1,195,000. 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.