Cipher Mining (NASDAQ:CIFR) Stock Price Target Lowered at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Cipher Mining’s price target from $28 to $19 while maintaining an “overweight” rating, implying approximately 89% upside from the reported $10.04 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $28.56, despite several recent target reductions and one neutral and one sell rating.
• Cipher Mining reported weaker-than-expected quarterly results, including an adjusted loss of $0.65 per share versus an expected loss of $0.25 and revenue of $24.84 million versus the $31.86 million consensus estimate.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price objective decreased by equities researchers at Cantor Fitzgerald from $28.00 to $19.00 in a report released on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective suggests a potential upside of 89.24% from the stock's current price.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods reduced their price objective on Cipher Mining from $32.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Rothschild & Co Redburn assumed coverage on shares of Cipher Mining in a research report on Monday, September 21st. They set a "neutral" rating and a $18.00 target price on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $30.00 target price on shares of Cipher Mining in a research note on Thursday, September 10th. Morgan Stanley cut their target price on shares of Cipher Mining from $54.00 to $51.50 and set an "overweight" rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.56.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $10.04 on Friday. The business has a 50 day moving average price of $16.09 and a 200 day moving average price of $19.27. Cipher Mining has a twelve month low of $8.79 and a twelve month high of $30.14. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -3.51 and a beta of 3.20. 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 issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS 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 the consensus estimate of $31.86 million. During the same period in the prior year, the firm earned ($0.12) earnings per share. Research analysts predict that Cipher Mining will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the company. Benchmark Financial LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $158,000. Activest Wealth Management increased its position in shares of Cipher Mining by 63.2% during the third quarter. Activest Wealth Management now owns 43,025 shares of the company's stock valued at $681,000 after purchasing an additional 16,665 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of Cipher Mining during the third quarter valued at approximately $326,000. Mather Group LLC. raised its stake in shares of Cipher Mining by 6.3% in the third quarter. Mather Group LLC. now owns 25,252 shares of the company's stock valued at $400,000 after purchasing an additional 1,494 shares in the last quarter. Finally, Fortitude Family Office LLC raised its stake in shares of Cipher Mining by 7,859.8% in the third quarter. Fortitude Family Office LLC now owns 41,550 shares of the company's stock valued at $658,000 after purchasing an additional 41,028 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

About Cipher Mining

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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