Cipher Mining (NASDAQ:CIFR) Upgraded at UBS Group

Key Points

• UBS Group upgraded Cipher Mining to “strong buy,” while analysts overall maintain a “Moderate Buy” consensus with an average price target of $28.86.
• Cipher Mining reported weaker-than-expected quarterly results, with an EPS loss of $0.65 versus the $0.25 consensus estimate and revenue of $24.84 million versus expectations of $31.86 million.
• The stock opened at $18.35 and has significant volatility, with a beta of 3.15; CEO Tyler Page also sold 112,500 shares under a pre-arranged Rule 10b5-1 trading plan.

Cipher Mining (NASDAQ:CIFR - Get Free Report) was upgraded by equities research analysts at UBS Group to a "strong-buy" rating in a note issued to investors on Wednesday, Zacks reports.

Several other research firms also recently issued reports on CIFR. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a report on Monday. Keefe, Bruyette & Woods dropped their target price 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. BTIG Research raised their price target on Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Morgan Stanley lifted their price objective on Cipher Mining from $43.50 to $54.00 and gave the stock an "overweight" rating in a research report on Friday, September 18th. Finally, JPMorgan Chase & Co. cut their target price on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $28.86.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $18.35 on Wednesday. Cipher Mining has a 1-year low of $11.01 and a 1-year high of $30.14. The firm has a market capitalization of $7.62 billion, a PE ratio of -6.42 and a beta of 3.15. The business's 50 day moving average is $18.20 and its 200-day moving average is $19.26. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released 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). The firm had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. Sell-side analysts predict that Cipher Mining will post -1.36 earnings per share for the current year.

Insider Activity

In other news, CEO Tyler Page sold 112,500 shares of the firm's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the sale, the chief executive officer owned 9,084,225 shares of the company's stock, valued at $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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

Institutional investors and hedge funds have recently modified their holdings of the business. Situational Awareness LP raised its holdings in Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock worth $154,524,000 after buying an additional 4,728,600 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Cipher Mining by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company's stock valued at $120,519,000 after buying an additional 558,105 shares during the period. Wellington Management Group LLP increased its position in shares of Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock worth $97,652,000 after acquiring an additional 3,388,359 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Cipher Mining by 1.9% during the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company's stock worth $56,292,000 after acquiring an additional 81,192 shares in the last quarter. Finally, Moore Capital Management LP bought a new stake in shares of Cipher Mining during the second quarter worth $35,077,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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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