JPMorgan Chase & Co. Has Lowered Expectations for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its target price dropped by analysts at JPMorgan Chase & Co. from $23.00 to $22.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 27.50% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Keefe, Bruyette & Woods cut their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday. Jefferies Financial Group initiated coverage on Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price on the stock. BTIG Research upped their price target on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Morgan Stanley set a $43.50 price target on Cipher Mining in a research report on Thursday. Finally, Sanford C. Bernstein started coverage on Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price objective on the stock. One 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 company’s stock. According to MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and an average target price of $28.53.

Cipher Mining Stock Down 5.2%

CIFR traded down $0.95 during trading on Friday, hitting $17.25. 24,827,770 shares of the company’s stock were exchanged, compared to its average volume of 27,567,867. Cipher Mining has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The stock has a market cap of $7.16 billion, a P/E ratio of -6.06 and a beta of 3.20. The business’s 50 day moving average is $23.08 and its two-hundred day moving average is $19.14. The company has a quick ratio of 3.13, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (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 for the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. As a group, equities analysts expect that Cipher Mining will post -0.79 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Wesley Hastie Williams sold 14,567 shares of Cipher Mining stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the sale, the director owned 115,409 shares in the company, valued at $2,470,906.69. The trade was a 11.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 3,197,167 shares of company stock worth $82,740,496. Company insiders own 3.09% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after acquiring an additional 9,865,533 shares during the period. Situational Awareness LP increased its stake in shares of Cipher Mining by 82.4% in the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after purchasing an additional 4,728,600 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cipher Mining by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after purchasing an additional 558,105 shares in the last quarter. State Street Corp raised its position in shares of Cipher Mining by 10.2% in the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock valued at $119,238,000 after purchasing an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC raised its position in shares of Cipher Mining by 45.9% in the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock valued at $109,925,000 after purchasing an additional 2,342,958 shares during the period. Institutional investors own 12.26% of the company’s stock.

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.