Cipher Mining (NASDAQ:CIFR) Price Target Cut to $22.00 by Analysts at JPMorgan Chase & Co.

Cipher Mining (NASDAQ:CIFR) had its price objective decreased by JPMorgan Chase & Co. from $23.00 to $22.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 27.50% from the stock’s current price.

Other research analysts have also issued reports about the stock. Morgan Stanley set a $43.50 price target on shares of Cipher Mining in a research report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a research report on Wednesday. Jefferies Financial Group assumed coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price objective on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.53.

Cipher Mining Price Performance

Shares of CIFR traded down $0.95 during midday trading on Friday, hitting $17.25. 24,827,770 shares of the company traded hands, compared to its average volume of 27,567,867. Cipher Mining has a one year low of $4.55 and a one year high of $30.14. The firm has a market cap of $7.16 billion, a P/E ratio of -6.06 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.13. The stock has a 50-day moving average of $23.08 and a 200-day moving average of $19.14.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted ($0.12) EPS. As a group, sell-side analysts predict that Cipher Mining will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, Director Wesley Hastie Williams sold 14,567 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $21.41, for a total transaction of $311,879.47. Following the transaction, the director directly owned 115,409 shares in the company, valued at $2,470,906.69. This trade represents a 11.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James E. Newsome sold 3,758 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the sale, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. The trade was a 2.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 3,197,167 shares of company stock valued at $82,740,496. 3.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of CIFR. CoreCap Advisors LLC boosted its holdings in Cipher Mining by 41.7% in 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 in the last quarter. Abel Hall LLC increased its holdings in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after acquiring an additional 739 shares in the last quarter. Rathbones Group PLC increased its holdings in shares of Cipher Mining by 7.0% during the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after acquiring an additional 750 shares in the last quarter. CWM LLC raised its position in shares of Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares during the last quarter. Finally, Prospera Financial Services Inc raised its position in shares of Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after purchasing an additional 980 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

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.