Cipher Mining (NASDAQ:CIFR) Coverage Initiated by Analysts at Citizens Jmp

Equities research analysts at Citizens Jmp began coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday,Benzinga reports. The firm set a “market outperform” rating and a $30.00 price target on the stock. Citizens Jmp’s price target indicates a potential upside of 105.76% from the company’s current price.

Several other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, September 26th. Wall Street Zen raised shares of Cipher Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cipher Mining in a research note on Monday. Rosenblatt Securities raised their price target on shares of Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Northland Securities set a $27.50 price objective on shares of Cipher Mining in a report on Tuesday, November 4th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.73.

Cipher Mining Stock Up 1.6%

CIFR stock opened at $14.58 on Wednesday. The company has a market capitalization of $5.76 billion, a P/E ratio of -81.00 and a beta of 2.91. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $25.52. The firm’s fifty day simple moving average is $16.42 and its 200-day simple moving average is $9.05. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The company had revenue of $106.69 million during the quarter, compared to the consensus estimate of $79.13 million. As a group, equities research analysts forecast that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Wesley Hastie Williams sold 18,769 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $17.51, for a total transaction of $328,645.19. Following the completion of the sale, the director owned 208,012 shares of the company’s stock, valued at $3,642,290.12. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Iwaschuk sold 173,094 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the transaction, the insider owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. This trade represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,705,148 shares of company stock worth $279,665,922 in the last 90 days. 2.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Cipher Mining in the third quarter valued at approximately $779,000. Advisory Services Network LLC purchased a new stake in shares of Cipher Mining during the third quarter worth approximately $220,000. Harvest Investment Services LLC acquired a new position in Cipher Mining in the 3rd quarter valued at $836,000. NewEdge Advisors LLC purchased a new position in Cipher Mining in the 3rd quarter valued at $246,000. Finally, Central Asset Investments & Management Holdings HK Ltd acquired a new stake in Cipher Mining during the 3rd quarter worth $371,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.