Cipher Mining (NASDAQ:CIFR) Given “Buy” Rating at Chardan Capital

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Chardan Capital in a research note issued on Tuesday,Benzinga reports. They presently have a $32.00 price target on the stock. Chardan Capital’s price target suggests a potential upside of 32.45% from the company’s previous close.

Several other brokerages also recently weighed in on CIFR. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Morgan Stanley cut their price target on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, July 20th. Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target for the company. BTIG Research upped their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Finally, Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and a consensus price target of $28.74.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $24.16 on Tuesday. The stock’s 50-day simple moving average is $23.39 and its 200-day simple moving average is $19.12. The firm has a market capitalization of $9.88 billion, a PE ratio of -10.37 and a beta of 3.20. Cipher Mining has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.41). The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. As a group, equities research analysts forecast that Cipher Mining will post -0.79 EPS for the current fiscal year.

Insider Activity

In other Cipher Mining news, Director James E. Newsome sold 3,758 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the transaction, the director directly owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wesley Hastie Williams sold 14,567 shares of the firm’s stock in a transaction 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. The trade was a 11.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,245,336 shares of company stock worth $83,803,938 over the last 90 days. 3.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC raised its stake in Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after acquiring an additional 500 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Cipher Mining in the 4th quarter valued at approximately $25,000. Arax Advisory Partners increased its holdings in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $28,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Cipher Mining in the second quarter valued at approximately $58,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.