Cipher Mining (NASDAQ:CIFR) Hits New 12-Month Low on Analyst Downgrade

Cipher Mining Inc. (NASDAQ:CIFR) shares reached a new 52-week low during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $54.00 to $51.50. Morgan Stanley currently has an overweight rating on the stock. Cipher Mining traded as low as $11.44 and last traded at $11.1150, with a volume of 4,318,938 shares. The stock had previously closed at $13.00.

Several other analysts also recently weighed in on CIFR. Wells Fargo & Company initiated coverage on Cipher Mining in a report on Thursday, September 17th. They issued an “overweight” rating and a $25.00 price objective for the company. HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research report on Monday, September 21st. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Thursday, September 10th. Finally, BTIG Research lifted their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.72.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently added to or reduced their stakes in the company. Scott Capital Advisors LLC lifted its position in shares of Cipher Mining by 7.1% during the third quarter. Scott Capital Advisors LLC now owns 54,345 shares of the company’s stock valued at $791,000 after buying an additional 3,605 shares during the last quarter. GK Wealth Management LLC purchased a new position in shares of Cipher Mining in the 3rd quarter worth approximately $25,000. DKM Wealth Management Inc. raised its stake in shares of Cipher Mining by 5.8% during the 3rd quarter. DKM Wealth Management Inc. now owns 14,152 shares of the company’s stock worth $224,000 after acquiring an additional 771 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Cipher Mining by 43.1% during the 3rd quarter. GAMMA Investing LLC now owns 4,092 shares of the company’s stock worth $65,000 after acquiring an additional 1,233 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in Cipher Mining during the second quarter valued at approximately $2,113,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Price Performance

The stock’s 50-day moving average is $16.61 and its 200 day moving average is $19.36. 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 company has a market cap of $4.57 billion, a PE ratio of -3.82 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $31.86 million. During the same period in the prior year, the firm posted ($0.12) earnings per share. On average, equities analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.