Cipher Mining (NASDAQ:CIFR) Upgraded by Rothschild & Co Redburn to Hold Rating

Rothschild & Co Redburn upgraded shares of Cipher Mining (NASDAQ:CIFR) to a hold rating in a research report sent to investors on Monday,Zacks reports.

Several other equities research analysts have also weighed in on CIFR. Citigroup reiterated a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 price target on shares of Cipher Mining in a research report on Thursday, September 10th. Freedom Capital upgraded Cipher Mining to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. cut their price objective on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.97.

Cipher Mining Trading Up 3.1%

Shares of Cipher Mining stock opened at $18.90 on Monday. Cipher Mining has a 52-week low of $11.01 and a 52-week high of $30.14. The firm has a market capitalization of $7.84 billion, a PE ratio of -6.61 and a beta of 3.15. 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’s fifty day moving average price is $18.24 and its two-hundred day moving average price is $19.22.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share 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 for the quarter, compared to analyst estimates of $31.86 million. During the same quarter last year, the firm posted ($0.12) earnings per share. On average, analysts expect that Cipher Mining will post -1.36 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In related news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.09% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. WINTON GROUP Ltd acquired a new position in Cipher Mining during the 2nd quarter worth $2,113,000. Engineers Gate Manager LP bought a new position in shares of Cipher Mining in the 2nd quarter worth $1,587,000. NorthRock Partners LLC bought a new position in Cipher Mining during the 2nd quarter worth approximately $203,000. Integrated Wealth Concepts LLC acquired a new position in shares of Cipher Mining in the 2nd quarter valued at $99,000. Finally, Steamboat Capital Partners LLC acquired a new position in Cipher Mining in the second quarter valued at about $6,001,000. Institutional investors and hedge funds 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.