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

Key Points

• Morgan Stanley lowered Cipher Mining’s price target to $27.50 but maintained its “overweight” rating; the target implies about 299% upside from the prior close.
• Analyst sentiment remains broadly positive: 15 analysts rate the stock Buy, four Hold, and one Sell, for a consensus “Moderate Buy” rating and an average target of $22.75.
• Latest quarterly results were mixed: Cipher Mining’s loss per share was narrower than expected, but revenue of $26.7 million missed forecasts and fell 62.8% year over year.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price cut by analysts at Morgan Stanley to $27.50 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's price target would indicate a potential upside of 298.84% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Cipher Mining from $22.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, November 3rd. Wells Fargo & Company cut their price objective on Cipher Mining from $25.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, November 3rd. 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 downgraded shares of Cipher Mining from an "outperform" rating to a "market perform" rating and set a $9.50 price objective for the company. in a research note on Wednesday, November 4th. Finally, UBS Group restated an "overweight" rating and set a $18.00 price objective on shares of Cipher Mining in a research note on Tuesday, November 3rd. Fifteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.75.

Cipher Mining Trading Up 5.3%

Shares of NASDAQ CIFR traded up $0.34 on Monday, reaching $6.89. 24,475,193 shares of the company traded hands, compared to its average volume of 32,170,504. The stock has a market capitalization of $3.15 billion, a PE ratio of -2.24 and a beta of 3.53. Cipher Mining has a fifty-two week low of $5.07 and a fifty-two week high of $30.14. 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 company has a 50 day moving average of $13.24 and a 200 day moving average of $17.47.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its 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 net margin of 742.33% and a negative return on equity of 161.74%. The business had revenue of $26.70 million for the quarter, compared to analysts' expectations of $39.31 million. During the same period last year, the company earned $0.10 earnings per share. The company's quarterly revenue was down 62.8% on a year-over-year basis. On average, equities research analysts forecast that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the business. Fulcrum Asset Management LLP grew its holdings in shares of Cipher Mining by 257.6% during the third quarter. Fulcrum Asset Management LLP now owns 68,861 shares of the company's stock valued at $1,137,000 after buying an additional 49,605 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Cipher Mining by 17.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 203,586 shares of the company's stock worth $3,147,000 after acquiring an additional 30,832 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in Cipher Mining by 5.8% in the 3rd quarter. Pictet Asset Management Holding SA now owns 61,804 shares of the company's stock worth $978,000 after acquiring an additional 3,365 shares in the last quarter. CenterBook Partners LP purchased a new position in Cipher Mining during the 3rd quarter valued at about $691,000. Finally, Kestra Advisory Services LLC grew its stake in Cipher Mining by 5.4% during the 3rd quarter. Kestra Advisory Services LLC now owns 88,548 shares of the company's stock valued at $1,401,000 after acquiring an additional 4,510 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

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.

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