Cipher Mining (NASDAQ:CIFR) Upgraded by Sanford C. Bernstein to Strong-Buy Rating

Sanford C. Bernstein upgraded shares of Cipher Mining (NASDAQ:CIFR) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

Several other research firms have also recently weighed in on CIFR. Morgan Stanley decreased their price target on shares of Cipher Mining from $53.50 to $48.50 and set an “overweight” rating on the stock in a report on Thursday. Jefferies Financial Group initiated coverage on shares of Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target on the stock. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. Needham & Company LLC increased their target price on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, BTIG Research reissued a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.69.

Cipher Mining Trading Down 2.6%

Cipher Mining stock opened at $25.55 on Wednesday. The stock has a market cap of $10.45 billion, a P/E ratio of -10.97 and a beta of 3.18. Cipher Mining has a fifty-two week low of $3.29 and a fifty-two week high of $28.62. The firm’s fifty day moving average price is $18.96 and its 200-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 (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share 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 return on equity of 117.65% and a negative net margin of 427.79%.The firm’s quarterly revenue was down 28.8% compared to the same quarter last year. Equities research analysts forecast that Cipher Mining will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 48,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the transaction, the chief operating officer owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the transaction, the insider directly owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. This represents a 2.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,013,804 shares of company stock valued at $51,793,735 over the last quarter. Insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cipher Mining by 13.4% during the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock valued at $287,236,000 after buying an additional 2,699,717 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Cipher Mining by 138.2% during the third quarter. American Century Companies Inc. now owns 1,406,864 shares of the company’s stock valued at $17,712,000 after buying an additional 816,198 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Cipher Mining by 16.6% during the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock valued at $9,915,000 after buying an additional 95,686 shares during the last quarter. Foundations Investment Advisors LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at about $667,000. Finally, Private Advisor Group LLC grew its stake in shares of Cipher Mining by 15.7% during the third quarter. Private Advisor Group LLC now owns 1,789,462 shares of the company’s stock valued at $22,529,000 after buying an additional 242,894 shares during the last quarter. 12.26% of the stock is 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.