Jefferies Financial Group Has Lowered Expectations for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its target price reduced by Jefferies Financial Group from $12.00 to $10.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group‘s price target indicates a potential upside of 53.14% from the company’s previous close.

Several other analysts have also commented on CIFR. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a report on Monday, November 2nd. JPMorgan Chase & Co. decreased their price target on Cipher Mining from $22.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, November 3rd. Needham & Company LLC dropped their price objective on shares of Cipher Mining from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, November 3rd. Chardan Capital reiterated a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods cut shares of Cipher Mining from an “outperform” rating to a “market perform” rating and set a $9.50 target price for the company. in a research note on Wednesday, November 4th. Fifteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.38.

Cipher Mining Stock Performance

CIFR traded down $0.28 during midday trading on Tuesday, hitting $6.53. 33,638,923 shares of the company were exchanged, compared to its average volume of 32,315,838. The company’s 50 day simple moving average is $13.07 and its 200 day simple moving average is $17.41. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of -2.13 and a beta of 3.53. The company has a current ratio of 1.69, a quick ratio of 3.00 and a debt-to-equity ratio of 9.10. Cipher Mining has a 1-year low of $5.07 and a 1-year high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Monday, November 2nd. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. The business had revenue of $26.70 million during the quarter, compared to analyst estimates of $39.31 million. Cipher Mining had a negative return on equity of 161.74% and a negative net margin of 742.33%. The company’s revenue was down 62.8% on a year-over-year basis. During the same quarter last year, the business posted $0.10 EPS. As a group, sell-side analysts predict that Cipher Mining will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of CIFR. Wellington Management Group LLP lifted its position in shares of Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after acquiring an additional 3,388,359 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Cipher Mining during the first quarter worth approximately $24,486,000. Moore Capital Management LP acquired a new position in Cipher Mining in the 2nd quarter valued at $35,077,000. Troluce Capital Advisors LLC acquired a new position in Cipher Mining in the 1st quarter valued at $17,374,000. Finally, Bank of America Corp DE raised its stake in 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 purchasing an additional 995,735 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc. is a U.S.-based bitcoin mining company that develops and operates data centers designed to support large-scale mining operations. Its facilities house specialized computing equipment that helps process transactions and secure the Bitcoin network. The company’s operations and development activities are concentrated in the United States, including sites in Texas. Its work includes building and managing mining infrastructure and sourcing the energy and equipment needed to run its facilities.