Cipher Mining (NASDAQ:CIFR) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cipher Mining (NASDAQ:CIFR) from a neutral rating to an overweight rating in a research report released on Tuesday, MarketBeat Ratings reports. The firm currently has $8.00 target price on the stock.

Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research increased their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Macquarie lifted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $6.13 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The firm’s 50-day simple moving average is $5.69 and its 200-day simple moving average is $4.74. The firm has a market cap of $2.13 billion, a PE ratio of -47.15 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the previous year, the company earned ($0.07) EPS. Equities analysts forecast that Cipher Mining will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This represents a 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,593,503 shares of company stock worth $9,568,005 in the last three months. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of the company. Tidal Investments LLC boosted its stake in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares in the last quarter. Virtu Financial LLC lifted its holdings in Cipher Mining by 21.2% in the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after acquiring an additional 21,566 shares during the last quarter. Barclays PLC boosted its position in shares of Cipher Mining by 377.2% during the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after purchasing an additional 234,366 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.