Keefe, Bruyette & Woods Begins Coverage on Cipher Mining (NASDAQ:CIFR)

Keefe, Bruyette & Woods started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set an “outperform” rating on the stock.

Several other brokerages have also commented on CIFR. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a research note on Tuesday. Northland Securities lifted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Trading Down 6.3 %

Shares of NASDAQ:CIFR opened at $5.05 on Wednesday. The firm has a fifty day moving average of $6.10 and a two-hundred day moving average of $4.93. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The firm has a market capitalization of $1.76 billion, a P/E ratio of -38.84 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the business posted ($0.07) EPS. On average, equities analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction 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 owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This represents a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,623 shares of company stock worth $9,000,561 over the last 90 days. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in shares of Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares during the last quarter. Vima LLC increased its stake in Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares in the last quarter. Verition Fund Management LLC raised its holdings in Cipher Mining by 30.7% in the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after purchasing an additional 3,086 shares during the period. Amalgamated Bank boosted its position 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 purchasing an additional 4,557 shares in the last quarter. Finally, Strategic Blueprint LLC grew its holdings in shares of Cipher Mining by 33.3% in the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.