Cipher Mining (NASDAQ:CIFR) Upgraded at Wells Fargo & Company

Cipher Mining (NASDAQ:CIFR) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a research note issued on Thursday, Zacks reports.

Several other equities analysts also recently weighed in on the company. UBS Group set a $30.00 price objective on Cipher Mining in a research note on Monday, August 10th. Morgan Stanley set a $43.50 price target on shares of Cipher Mining in a research note on Thursday, August 6th. JPMorgan Chase & Co. lowered their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Keefe, Bruyette & Woods cut their price objective 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, August 6th. Finally, Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Cipher Mining Trading Up 1.3%

NASDAQ CIFR opened at $16.94 on Thursday. The stock has a market capitalization of $7.03 billion, a P/E ratio of -5.92 and a beta of 3.15. The firm has a 50-day moving average price of $18.34 and a 200 day moving average price of $19.17. Cipher Mining has a 52-week low of $11.01 and a 52-week high of $30.14. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period in the prior year, the business earned ($0.12) earnings per share. Equities research analysts expect that Cipher Mining will post -1.36 EPS for the current year.

Insider Activity at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the stock. Situational Awareness LP grew its stake in shares of Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after buying an additional 4,728,600 shares during the period. Geode Capital Management LLC raised its position in shares of Cipher Mining by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after buying an additional 558,105 shares during the period. Wellington Management Group LLP raised its position in shares of Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after buying an additional 3,388,359 shares during the period. Janus Henderson Group PLC boosted its holdings in Cipher Mining by 1.9% in the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock valued at $56,292,000 after acquiring an additional 81,192 shares during the last quarter. Finally, Moore Capital Management LP acquired a new position in Cipher Mining in the second quarter valued at $35,077,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.