Cipher Mining (NASDAQ:CIFR) Rating Increased to Strong-Buy at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Cipher Mining to “strong buy,” while analysts’ overall consensus remains “moderate buy” with an average price target of $29.00.
• Cipher Mining’s latest quarter fell short of expectations, reporting a $0.65 adjusted loss per share versus a projected $0.25 loss and revenue of $24.84 million against estimates of $31.86 million.
• The stock opened at $16.94, down considerably from its 52-week high of $30.14; CEO Tyler Page also sold 112,500 shares for approximately $2.38 million under a pre-arranged trading plan.

Cipher Mining (NASDAQ:CIFR - Get Free Report) was upgraded by research analysts at Wells Fargo & Company to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other brokerages also recently commented on CIFR. Weiss Ratings restated a "sell (d-)" rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Morgan Stanley set a $43.50 price target on Cipher Mining in a research report on Thursday, August 6th. Sanford C. Bernstein began coverage on Cipher Mining in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 price target for the company. UBS Group set a $30.00 price objective on Cipher Mining in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.00.

Cipher Mining Trading Up 1.3%

NASDAQ:CIFR opened at $16.94 on Thursday. Cipher Mining has a 52 week low of $11.01 and a 52 week high of $30.14. The firm has a 50 day moving average of $18.34 and a 200 day moving average of $19.17. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of -5.92 and a beta of 3.15.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period in the prior year, the business posted ($0.12) EPS. As a group, sell-side analysts anticipate that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently bought and sold shares of CIFR. CoreCap Advisors LLC raised 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 purchasing an additional 500 shares in the last quarter. Abel Hall LLC lifted its position in shares of Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company's stock worth $259,000 after buying an additional 739 shares during the last quarter. Rathbones Group PLC lifted its position in Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock valued at $148,000 after acquiring an additional 750 shares during the last quarter. Navellier & Associates Inc. lifted its holdings in shares of Cipher Mining by 3.7% in 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 during the last quarter. Finally, Prospera Financial Services Inc lifted its stake in Cipher Mining by 6.7% in the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock valued at $230,000 after buying an additional 980 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

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