Keefe, Bruyette & Woods Has Lowered Expectations for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its target price reduced by stock analysts at Keefe, Bruyette & Woods from $22.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 41.06% from the stock’s current price.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $12.00 to $18.00 in a report on Monday, November 24th. Wells Fargo & Company set a $18.00 price target on shares of Cipher Mining in a research report on Monday, November 24th. Morgan Stanley assumed coverage on Cipher Mining in a research report on Monday, February 9th. They issued an “overweight” rating and a $38.00 price objective on the stock. Zacks Research lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $27.00 target price on shares of Cipher Mining in a research report on Monday, December 15th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.32.

Cipher Mining Price Performance

Shares of CIFR traded up $0.22 during midday trading on Wednesday, hitting $14.18. 10,410,439 shares of the company traded hands, compared to its average volume of 30,004,082. Cipher Mining has a one year low of $1.86 and a one year high of $25.52. The firm has a market cap of $5.74 billion, a P/E ratio of -6.56 and a beta of 2.96. The company has a debt-to-equity ratio of 3.37, a current ratio of 3.79 and a quick ratio of 3.79. The stock has a 50-day moving average of $16.34 and a 200-day moving average of $15.77.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 35,569 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $15.08, for a total value of $536,380.52. Following the completion of the sale, the chief operating officer owned 1,151,770 shares of the company’s stock, valued at $17,368,691.60. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wesley Hastie Williams sold 49,867 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $16.08, for a total transaction of $801,861.36. Following the transaction, the director owned 158,145 shares in the company, valued at $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 187,986 shares of company stock worth $3,030,554. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CIFR. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the 3rd quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $25,000. Arax Advisory Partners raised its holdings in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares in the last quarter. GAMMA Investing LLC lifted its stake in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in Cipher Mining in the fourth quarter worth $28,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.