Cipher Mining (NASDAQ:CIFR) Now Covered by Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods started coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage issued an outperform rating on the stock.

CIFR has been the subject of several other reports. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Northland Securities boosted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Macquarie boosted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Trading Down 1.4 %

Cipher Mining stock opened at $4.98 on Wednesday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -38.30 and a beta of 2.38. The firm has a 50-day moving average of $6.09 and a 200-day moving average of $4.94. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. Cipher Mining has a one year low of $2.15 and a one year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company 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 period last year, the company posted ($0.07) earnings per share. On average, equities analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on 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 in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,446,623 shares of company stock valued at $9,000,561. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its position in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining in the third quarter valued at approximately $33,000. Xponance Inc. bought a new position in Cipher Mining in the second quarter valued at approximately $45,000. W Advisors LLC acquired a new position in Cipher Mining during the third quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC bought a new stake in Cipher Mining during the third quarter worth $47,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.