Cipher Mining (NASDAQ:CIFR) Stock Price Target Cut by Morgan Stanley

Key Points

• Morgan Stanley lowered Cipher Mining’s price target from $54.00 to $51.50 while maintaining an “overweight” rating, implying substantial upside from the stock’s $13.14 trading price.
• Analyst sentiment remains broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average target price of $28.72, despite ratings ranging from “Strong Buy” to “Sell.”
• Cipher Mining’s latest quarter fell short of expectations, reporting a $0.65 per-share loss and $24.84 million in revenue versus estimates of a $0.25 loss and $31.86 million in revenue; the stock was down 2.8% in Monday trading.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price cut by equities researchers at Morgan Stanley from $54.00 to $51.50 in a research note issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 291.78% from the stock's current price.

Other equities analysts have also recently issued research reports about the stock. Rothschild & Co Redburn began coverage on shares of Cipher Mining in a research report on Monday, September 21st. They set a "neutral" rating and a $18.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating for the company in a report on Thursday, August 6th. Rosenblatt Securities restated a "buy" rating and issued a $30.00 price objective on shares of Cipher Mining in a report on Thursday, September 10th. Citigroup reaffirmed a "market outperform" rating on shares of Cipher Mining in a research report on Monday, August 10th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $28.72.

Cipher Mining Trading Down 2.8%

NASDAQ:CIFR traded down $0.38 during trading hours on Monday, hitting $13.14. The company had a trading volume of 10,340,608 shares, compared to its average volume of 29,114,090. The company has a market capitalization of $5.46 billion, a PE ratio of -4.60 and a beta of 3.20. The stock has a 50-day moving average price of $16.83 and a 200 day moving average price of $19.38. Cipher Mining has a 52 week low of $11.72 and a 52 week high of $30.14. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The company had revenue of $24.84 million for the quarter, compared to analysts' expectations of $31.86 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. On average, equities research analysts predict that Cipher Mining will post -1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently bought and sold shares of the business. GK Wealth Management LLC bought a new position in Cipher Mining in the 3rd quarter valued at approximately $25,000. CoreCap Advisors LLC boosted its stake in Cipher Mining by 41.7% during 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 during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Cipher Mining by 259.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company's stock valued at $43,000 after purchasing an additional 2,423 shares during the last quarter. Ancora Advisors LLC bought a new stake in shares of Cipher Mining in the 2nd quarter worth $49,000. Finally, Harbor Investment Advisory LLC bought a new stake in shares of Cipher Mining in the 2nd quarter worth $58,000. Institutional investors own 12.26% of the company's stock.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.

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