Cipher Mining's (CIFR) "Buy" Rating Reiterated at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its “Buy” rating on Cipher Mining and set a $30 price target, implying 72.71% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $28.61; targets from other firms range from $22 to $35.
• Cipher Mining reported weaker-than-expected quarterly results, with a $0.65 loss per share versus a $0.25 consensus loss and revenue of $24.84 million versus estimates of $31.86 million. Insiders sold 131,258 shares worth approximately $2.93 million over the past 90 days.

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Rosenblatt Securities in a report issued on Friday, Benzinga reports. They presently have a $30.00 price objective on the stock. Rosenblatt Securities' price target suggests a potential upside of 72.71% from the company's previous close.

A number of other research firms have also recently issued reports on CIFR. Jefferies Financial Group began coverage on Cipher Mining in a research report on Thursday, May 14th. They issued a "buy" rating and a $32.00 target price on the stock. Chardan Capital reissued a "buy" rating and issued a $32.00 target price on shares of Cipher Mining in a report on Tuesday, August 4th. Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They set an "outperform" rating and a $32.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, BTIG Research increased their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cipher Mining currently has a consensus rating of "Moderate Buy" and an average price target of $28.61.

Cipher Mining Price Performance

CIFR stock opened at $17.37 on Friday. Cipher Mining has a 12 month low of $7.08 and a 12 month high of $30.14. The firm has a market cap of $7.21 billion, a P/E ratio of -6.07 and a beta of 3.15. 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 company's 50-day moving average price is $19.49 and its two-hundred day moving average price is $19.11.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share 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 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. On average, analysts anticipate that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed 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. Also, Director Cary M. Grossman sold 15,000 shares of the business's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the sale, the director directly owned 143,829 shares in the company, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 131,258 shares of company stock worth $2,925,288. 3.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CoreCap Advisors LLC raised its position in shares of Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock worth $42,000 after acquiring an additional 500 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Cipher Mining in the fourth quarter valued at approximately $25,000. Arax Advisory Partners boosted its holdings in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Cipher Mining in the fourth quarter valued at approximately $28,000. Finally, Ancora Advisors LLC acquired a new stake in Cipher Mining during the 2nd quarter valued at approximately $49,000. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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