Cipher Mining (NASDAQ:CIFR) Stock Gets Price Target Reduction from Cantor Fitzgerald

Cipher Mining (NASDAQ:CIFR) had its target price decreased by Cantor Fitzgerald from $28.00 to $19.00 in a research note released on Friday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other brokerages have also weighed in on CIFR. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a report on Friday, September 25th. Keefe, Bruyette & Woods dropped their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Morgan Stanley dropped their target price on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating on the stock in a research note on Monday, October 12th. BTIG Research raised their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Wells Fargo & Company initiated coverage on shares of Cipher Mining in a research note on Thursday, September 17th. They set an “overweight” rating and a $25.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.56.

Cipher Mining Price Performance

CIFR opened at $8.98 on Friday. The business has a fifty day moving average of $15.93 and a 200 day moving average of $19.25. Cipher Mining has a 52-week low of $8.78 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. The stock has a market cap of $3.73 billion, a P/E ratio of -3.14 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The business had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same period last year, the company earned ($0.12) EPS. As a group, sell-side analysts anticipate that Cipher Mining will post -1.36 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in Cipher Mining by 567.1% during 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 last quarter. Renaissance Technologies LLC acquired a new stake in Cipher Mining during the 1st quarter valued at approximately $24,486,000. Moore Capital Management LP acquired a new stake in Cipher Mining during the 2nd quarter valued at approximately $35,077,000. Troluce Capital Advisors LLC purchased a new stake in shares of Cipher Mining in the 1st quarter valued at $17,374,000. Finally, Bank of America Corp DE boosted its holdings in shares of Cipher Mining by 237.7% in the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock valued at $18,207,000 after acquiring an additional 995,735 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.