Morgan Stanley Issues Pessimistic Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price target lowered by equities researchers at Morgan Stanley to $27.50 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley‘s price objective would suggest a potential upside of 298.84% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC cut their price target on Cipher Mining from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, November 3rd. JPMorgan Chase & Co. decreased their price objective on Cipher Mining from $22.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, November 3rd. Keefe, Bruyette & Woods downgraded Cipher Mining from an “outperform” rating to a “market perform” rating and set a $9.50 price objective on the stock. in a report on Wednesday, November 4th. UBS Group reiterated an “overweight” rating and issued a $18.00 price objective on shares of Cipher Mining in a research note on Tuesday, November 3rd. Finally, Wells Fargo & Company dropped their target price on Cipher Mining from $25.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, November 3rd. Fifteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

Cipher Mining Stock Performance

Cipher Mining stock traded up $0.34 during trading hours on Monday, reaching $6.89. 24,475,193 shares of the company were exchanged, compared to its average volume of 32,170,504. Cipher Mining has a 12 month low of $5.07 and a 12 month high of $30.14. The stock has a 50-day moving average of $13.24 and a 200 day moving average of $17.47. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 9.10. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of -2.24 and a beta of 3.53.

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

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently made changes to their positions in CIFR. GK Wealth Management LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $25,000. CoreCap Advisors LLC lifted its position in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after acquiring an additional 500 shares in the last quarter. Ancora Advisors LLC bought a new position in Cipher Mining during the 2nd quarter worth about $49,000. Harbor Investment Advisory LLC bought a new position in Cipher Mining during the 2nd quarter worth about $58,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at about $42,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.

Cipher Mining was established in 2021 and became a publicly traded company through a business combination with Good Works Acquisition Company.