Cipher Mining (NASDAQ:CIFR) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cipher Mining (NASDAQ:CIFR) from a neutral rating to an overweight rating in a research note published on Tuesday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $8.00 price objective on the stock.

Other equities analysts also recently issued research reports about the stock. Compass Point boosted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. BTIG Research upped their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Macquarie raised their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $8.03.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $6.49 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -49.92 and a beta of 2.29. The stock’s 50-day moving average is $5.80 and its two-hundred day moving average is $4.77. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. Analysts forecast that Cipher Mining will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. This trade represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,593,503 shares of company stock worth $9,568,005. 2.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Amalgamated Bank increased its stake in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter worth approximately $33,000. Xponance Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining in the third quarter valued at approximately $47,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.