Cipher Mining (NASDAQ:CIFR) Raised to Strong-Buy at Sanford C. Bernstein

Cipher Mining (NASDAQ:CIFR) was upgraded by analysts at Sanford C. Bernstein to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently commented on the company. Jefferies Financial Group started coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price on the stock. BTIG Research reiterated a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, May 6th. Rosenblatt Securities upped their price objective on Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, Cantor Fitzgerald dropped their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.69.

Cipher Mining Trading Down 2.6%

NASDAQ CIFR opened at $25.55 on Wednesday. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of -10.97 and a beta of 3.18. The stock’s 50 day moving average price is $18.96 and its two-hundred day moving average price is $17.25. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. Cipher Mining has a 52 week low of $3.29 and a 52 week high of $28.62.

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

Insider Activity at Cipher Mining

In other news, Director Cary M. Grossman sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the sale, the director owned 150,530 shares in the company, valued at $3,284,564.60. This represents a 11.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Tyler Page sold 37,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the sale, the chief executive officer owned 8,263,862 shares in the company, valued at approximately $133,130,816.82. This represents a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,013,804 shares of company stock worth $51,793,735. Insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new position in shares of Cipher Mining during the 4th quarter worth approximately $25,000. Arax Advisory Partners increased its holdings in shares of Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Cipher Mining by 218.3% during the 4th 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 last quarter. Meeder Asset Management Inc. acquired a new position in shares of Cipher Mining during the 4th quarter worth approximately $28,000. Finally, Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining during the 3rd quarter worth approximately $25,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.