Cipher Mining (NASDAQ:CIFR) Upgraded to “Strong-Buy” at Chardan Capital

Cipher Mining (NASDAQ:CIFR) was upgraded by equities research analysts at Chardan Capital to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on CIFR. Needham & Company LLC raised their target price on shares of Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target on the stock. Morgan Stanley lowered their price objective on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a research report on Monday, July 20th. Jefferies Financial Group initiated coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 price objective for the company. Finally, HC Wainwright upped their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.74.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $20.42 on Monday. The stock has a market capitalization of $8.35 billion, a PE ratio of -8.76 and a beta of 3.18. The business has a 50 day simple moving average of $23.35 and a two-hundred day simple moving average of $18.99. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. Cipher Mining has a 1-year low of $4.55 and a 1-year high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm’s revenue for the quarter was down 28.8% on a year-over-year basis. On average, research analysts predict that Cipher Mining will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James E. Newsome sold 3,758 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the sale, the director directly owned 128,530 shares of the company’s stock, valued at $3,418,898. This represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wesley Hastie Williams sold 14,567 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $21.41, for a total transaction of $311,879.47. Following the completion of the sale, the director directly owned 115,409 shares of the company’s stock, valued at approximately $2,470,906.69. The trade was a 11.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,245,336 shares of company stock valued at $83,803,938 over the last 90 days. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB boosted its holdings in Cipher Mining by 59.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 106,600 shares of the company’s stock valued at $2,612,000 after acquiring an additional 39,700 shares during the period. Scott Capital Advisors LLC boosted its stake in shares of Cipher Mining by 26.9% during the second quarter. Scott Capital Advisors LLC now owns 50,740 shares of the company’s stock valued at $1,243,000 after purchasing an additional 10,740 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Cipher Mining by 39.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 77,812 shares of the company’s stock worth $1,906,000 after purchasing an additional 21,849 shares during the last quarter. Strategic Investment Solutions Inc. IL grew its holdings in shares of Cipher Mining by 726.6% in the second quarter. Strategic Investment Solutions Inc. IL now owns 4,571 shares of the company’s stock worth $112,000 after purchasing an additional 4,018 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in Cipher Mining in the 2nd quarter worth about $58,000. 12.26% of the stock is owned by 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.