Cipher Mining (NASDAQ:CIFR) Price Target Raised to $54.00

Cipher Mining (NASDAQ:CIFR) had its price target raised by Morgan Stanley from $43.50 to $54.00 in a research note published on Friday, Marketbeat reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research firms also recently commented on CIFR. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 price objective on shares of Cipher Mining in a report on Thursday, September 10th. Citigroup restated a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Wells Fargo & Company started coverage on shares of Cipher Mining in a research report on Thursday. They set an “overweight” rating and a $25.00 price target on the stock. UBS Group set a $30.00 price target on shares of Cipher Mining in a research note on Monday, August 10th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.58.

Cipher Mining Stock Performance

CIFR opened at $18.34 on Friday. Cipher Mining has a 52-week low of $11.01 and a 52-week high of $30.14. The firm has a market capitalization of $7.61 billion, a PE ratio of -6.41 and a beta of 3.15. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The business’s 50-day simple moving average is $18.27 and its 200 day simple moving average is $19.19.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the prior year, the business earned ($0.12) earnings per share. As a group, sell-side analysts expect that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. CoreCap Advisors LLC boosted its holdings in shares of 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 acquiring an additional 500 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Cipher Mining by 259.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after purchasing an additional 2,423 shares during the period. Ancora Advisors LLC acquired a new stake in Cipher Mining during the 2nd quarter worth approximately $49,000. Harbor Investment Advisory LLC acquired a new stake in Cipher Mining during the 2nd quarter worth approximately $58,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Cipher Mining by 31.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,718 shares of the company’s stock worth $86,000 after purchasing an additional 1,623 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.