Cipher Mining (NASDAQ:CIFR) Stock Rating Upgraded by UBS Group

Cipher Mining (NASDAQ:CIFR) was upgraded by stock analysts at UBS Group to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

CIFR has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday. Citigroup reiterated a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. JPMorgan Chase & Co. cut their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Finally, Wells Fargo & Company assumed coverage on shares of Cipher Mining in a research note on Thursday, September 17th. They issued an “overweight” rating and a $25.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.86.

Cipher Mining Stock Down 3.9%

CIFR stock opened at $18.35 on Wednesday. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The stock has a market capitalization of $7.62 billion, a P/E ratio of -6.42 and a beta of 3.15. The business has a 50-day moving average of $18.20 and a 200-day moving average of $19.26. Cipher Mining has a fifty-two week low of $11.01 and a fifty-two week high of $30.14.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The firm had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same quarter in the previous year, the business posted ($0.12) earnings per share. On average, sell-side analysts anticipate 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 the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the sale, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. WINTON GROUP Ltd acquired a new position in shares of Cipher Mining during the 2nd quarter worth approximately $2,113,000. Engineers Gate Manager LP acquired a new stake in Cipher Mining during the 2nd quarter valued at $1,587,000. NorthRock Partners LLC acquired a new stake in Cipher Mining during the 2nd quarter valued at $203,000. Integrated Wealth Concepts LLC bought a new position in Cipher Mining during the second quarter worth $99,000. Finally, Steamboat Capital Partners LLC bought a new position in Cipher Mining during the second quarter worth $6,001,000. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.