Cipher Mining (NASDAQ:CIFR) Coverage Initiated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining (NASDAQ:CIFR - Get Free Report) in a report released on Wednesday, MarketBeat reports. The brokerage set an "outperform" rating on the stock.

Several other equities analysts have also issued reports on CIFR. Canaccord Genuity Group reiterated a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Cantor Fitzgerald reissued an "overweight" rating and issued a $11.00 target price on shares of Cipher Mining in a report on Tuesday. BTIG Research raised their price target on Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a report on Friday, November 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price objective on the stock in a research report on Tuesday, December 10th. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $8.25.

Cipher Mining Trading Down 6.3 %

NASDAQ:CIFR traded down $0.34 during trading hours on Wednesday, reaching $5.05. The company's stock had a trading volume of 5,819,085 shares, compared to its average volume of 7,613,143. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -38.84 and a beta of 2.38. The firm has a 50-day simple moving average of $6.10 and a 200-day simple moving average of $4.93. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $25.84 million. During the same period in the previous year, the company earned ($0.07) EPS. Research analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares of the company's stock, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares of the company's stock, valued at $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,446,623 shares of company stock valued at $9,000,561. Insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the company. Amalgamated Bank lifted its stake in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company's stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of Cipher Mining in the third quarter valued at about $33,000. Xponance Inc. bought a new position in shares of Cipher Mining in the second quarter worth about $45,000. W Advisors LLC purchased a new stake in shares of Cipher Mining during the third quarter worth about $45,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining during the third quarter worth about $47,000. 12.26% of the stock is currently owned by 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.