Cipher Mining (NASDAQ:CIFR) Shares Up 15.6% After Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR)’s share price shot up 15.6% during trading on Monday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $18.00 price target on the stock, up from their previous price target of $12.00. Cipher Mining traded as high as $16.05 and last traded at $16.3570. 9,419,672 shares traded hands during trading, a decline of 68% from the average session volume of 29,682,441 shares. The stock had previously closed at $14.15.

A number of other brokerages have also recently commented on CIFR. Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target (up from $16.00) on shares of Cipher Mining in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cipher Mining in a report on Monday, November 17th. BTIG Research reiterated a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a research report on Wednesday, November 5th. Citigroup assumed coverage on shares of Cipher Mining in a research report on Wednesday. They set an “outperform” rating for the company. Finally, Needham & Company LLC raised their price objective on Cipher Mining from $15.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.68.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 26,580 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $14.20, for a total transaction of $377,436.00. Following the completion of the transaction, the chief operating officer directly owned 1,187,339 shares of the company’s stock, valued at approximately $16,860,213.80. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wesley Hastie Williams sold 18,769 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $17.51, for a total transaction of $328,645.19. Following the sale, the director owned 208,012 shares of the company’s stock, valued at approximately $3,642,290.12. This represents a 8.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 20,758,308 shares of company stock worth $280,420,794 over the last ninety days. Insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Helix Partners Management LP raised its holdings in shares of Cipher Mining by 95.8% during the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock valued at $10,120,000 after acquiring an additional 2,153,058 shares in the last quarter. Greenleaf Trust bought a new stake in Cipher Mining in the second quarter valued at $108,000. SRN Advisors LLC increased its position in Cipher Mining by 42.1% during the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock valued at $654,000 after purchasing an additional 84,148 shares during the period. Anthracite Investment Company Inc. bought a new position in Cipher Mining in the 2nd quarter worth $163,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cipher Mining by 5.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company’s stock worth $7,635,000 after purchasing an additional 180,010 shares during the period. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

The company’s 50-day moving average price is $16.67 and its 200 day moving average price is $9.29. The stock has a market capitalization of $6.49 billion, a PE ratio of -90.57 and a beta of 2.91. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The company had revenue of $106.69 million during the quarter, compared to the consensus estimate of $79.13 million. On average, equities research analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Cipher Mining Company Profile

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.