Cipher Mining (NASDAQ:CIFR) Given New $32.00 Price Target at Keefe, Bruyette & Woods

Cipher Mining (NASDAQ:CIFR) had its price target lifted by equities researchers at Keefe, Bruyette & Woods from $27.00 to $32.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 60.25% from the company’s previous close.

Several other research firms have also recently weighed in on CIFR. Chardan Capital began coverage on shares of Cipher Mining in a report on Monday. They set a “buy” rating and a $32.00 price target on the stock. Morgan Stanley dropped their target price on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, July 20th. Sanford C. Bernstein began coverage on Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a report on Thursday, June 25th. Finally, HC Wainwright increased their price target on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.74.

Cipher Mining Stock Down 7.8%

Cipher Mining stock traded down $1.68 during trading on Tuesday, hitting $19.97. 17,470,157 shares of the company were exchanged, compared to its average volume of 27,015,012. The business’s 50 day moving average is $23.32 and its 200 day moving average is $18.96. Cipher Mining has a 52 week low of $4.55 and a 52 week high of $30.14. The company has a market capitalization of $8.17 billion, a P/E ratio of -8.59 and a beta of 3.18. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data 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 company had revenue of $34.84 million for 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 was down 28.8% on a year-over-year basis. Analysts predict that Cipher Mining will post -0.8 earnings per share for the current year.

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 1,800,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the completion of the sale, the insider owned 59,516,694 shares in the company, valued at $1,584,334,394.28. This trade represents a 2.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 48,000 shares of Cipher Mining stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the sale, the chief operating officer directly owned 1,451,856 shares in the company, valued at $28,107,932.16. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC boosted 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 purchasing an additional 500 shares during the period. Los Angeles Capital Management LLC bought a new stake in Cipher Mining during the 4th quarter valued at $25,000. Arax Advisory Partners raised its holdings in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the period. GAMMA Investing LLC lifted its position in shares of Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Cipher Mining during the fourth quarter worth $28,000. 12.26% of the stock is currently owned by institutional investors.

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.