Cipher Mining (NASDAQ:CIFR) Downgraded by Keefe, Bruyette & Woods to Market Perform

Key Points

• Keefe, Bruyette & Woods downgraded Cipher Mining from Outperform to Market Perform, setting a $9.50 price target—about 17% above the prior close.
• Quarterly revenue was $26.7 million, well below the $39.31 million consensus and down 62.8% year over year. The loss of $0.22 per share was narrower than analysts expected.
• Other analysts also trimmed price targets, though many maintained Buy or Overweight ratings; MarketBeat’s consensus remains Moderate Buy, with a $24.81 target.

Cipher Mining (NASDAQ:CIFR - Get Free Report) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an "outperform" rating to a "market perform" rating in a report released on Wednesday, Briefing.com reports. They presently have a $9.50 price target on the stock. Keefe, Bruyette & Woods's price target suggests a potential upside of 17.00% from the company's previous close.

CIFR has been the topic of several other reports. JPMorgan Chase & Co. dropped their target price on Cipher Mining from $22.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday. Cantor Fitzgerald lowered their price target on shares of Cipher Mining from $19.00 to $15.00 and set an "overweight" rating for the company in a research report on Tuesday. Chardan Capital restated a "buy" rating and set a $32.00 price target on shares of Cipher Mining in a research report on Tuesday, August 4th. Rothschild & Co Redburn assumed coverage on shares of Cipher Mining in a report on Monday, September 21st. They issued a "neutral" rating and a $18.00 price objective on the stock. Finally, Citigroup reiterated a "market outperform" rating on shares of Cipher Mining in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cipher Mining presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.81.

Cipher Mining Stock Up 18.4%

NASDAQ:CIFR opened at $8.12 on Wednesday. The stock has a 50 day moving average of $13.85 and a 200-day moving average of $17.65. Cipher Mining has a 52 week low of $6.62 and a 52 week high of $30.14. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.03. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 742.33%. The business had revenue of $26.70 million for the quarter, compared to the consensus estimate of $39.31 million. During the same quarter last year, the business posted $0.10 EPS. The business's revenue was down 62.8% on a year-over-year basis. Sell-side analysts expect that Cipher Mining will post -1.36 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. CoreCap Advisors LLC raised its holdings in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock worth $42,000 after purchasing an additional 500 shares in the last quarter. Abel Hall LLC lifted its position in Cipher Mining by 3.8% in the first quarter. Abel Hall LLC now owns 20,140 shares of the company's stock worth $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC boosted its stake in Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock valued at $148,000 after purchasing an additional 750 shares in the last quarter. DKM Wealth Management Inc. boosted its stake in Cipher Mining by 5.8% during the 3rd quarter. DKM Wealth Management Inc. now owns 14,152 shares of the company's stock valued at $224,000 after purchasing an additional 771 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its stake in Cipher Mining by 3.7% during the 2nd quarter. Navellier & Associates Inc. now owns 25,230 shares of the company's stock valued at $618,000 after purchasing an additional 901 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Cipher Mining News Roundup

Here are the key news stories impacting Cipher Mining this week:

• Positive Sentiment: JPMorgan called CIFR “substantially undervalued” and kept an Overweight rating, even as it reduced its price target to $18 from $22. JPMorgan calls CIFR stock substantially undervalued
• Positive Sentiment: The stock participated in a rebound among former bitcoin miners developing AI data centers. Cipher’s growth case includes $16.6 billion in contracted HPC revenue, improved Barber Lake lease economics and a 5.9-gigawatt development pipeline. Q3 earnings call highlights growth plans and cost pressures
• Positive Sentiment: Quarterly loss per share of $0.22 was narrower than analysts’ consensus estimate of $0.25, providing a modest earnings bright spot. Cipher Mining quarterly results
• Neutral Sentiment: Investors bought 205,000 CIFR call options, 47% above the average volume. The activity may indicate increased bullish positioning, but options trading alone does not establish a direction for the shares.
• Negative Sentiment: Revenue of $26.7 million missed the $39.31 million consensus and fell 62.8% year over year. Bitcoin-mining revenue dropped sharply, while early HPC rent has yet to replace the lost mining income. CIFR stock drops after Q3 revenue miss
• Negative Sentiment: Several analysts cut price targets, including Needham ($25 to $15), Rosenblatt ($30 to $19) and Cantor Fitzgerald ($19 to $15), though they retained Buy or Overweight ratings. Reports also highlighted substantial borrowing and quarterly interest expense, which could weigh on results as data-center facilities ramp up. Cipher Digital profit is a warrant gain

Cipher Mining Company Profile

Cipher Mining Inc NASDAQ: CIFR is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.

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