Morgan Stanley Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Key Points

• Morgan Stanley raised Cipher Mining’s price target from $43.50 to $54.00 and maintained an “overweight” rating, implying 203% upside from the prior close.
• Analyst sentiment is broadly positive, with MarketBeat reporting a “Moderate Buy” consensus and an average target price of $29.58, though one analyst maintains a sell rating.
• Cipher Mining recently missed quarterly expectations, reporting a $0.65 loss per share versus a $0.25 expected loss and revenue of $24.84 million versus $31.86 million expected.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price increased by analysts at Morgan Stanley from $43.50 to $54.00 in a report released on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's price target suggests a potential upside of 203.03% from the company's previous close.

A number of other research analysts also recently issued reports on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a report on Wednesday, June 24th. Wells Fargo & Company assumed coverage on Cipher Mining in a report on Thursday. They issued an "overweight" rating and a $25.00 price objective for the company. Sanford C. Bernstein started coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an "outperform" rating and a $32.00 target price on the stock. Chardan Capital reissued a "buy" rating and set a $32.00 price target on shares of Cipher Mining in a research report on Tuesday, August 4th. Finally, Citigroup reiterated a "market outperform" rating on shares of Cipher Mining in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $29.58.

Cipher Mining Stock Performance

Shares of CIFR opened at $17.82 on Friday. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. Cipher Mining has a twelve month low of $11.01 and a twelve month high of $30.14. The firm's 50 day moving average price is $18.34 and its two-hundred day moving average price is $19.17. The firm has a market cap of $7.40 billion, a P/E ratio of -6.24 and a beta of 3.15.

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 the consensus estimate of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same period in the prior year, the company earned ($0.12) EPS. On average, analysts forecast that Cipher Mining will post -1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 9,084,225 shares in the company, valued at $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. WINTON GROUP Ltd acquired a new stake in shares of Cipher Mining during the 2nd quarter worth $2,113,000. Engineers Gate Manager LP bought a new position in Cipher Mining in the 2nd quarter valued at about $1,587,000. NorthRock Partners LLC acquired a new position in shares of Cipher Mining in the 2nd quarter valued at approximately $203,000. Integrated Wealth Concepts LLC bought a new stake in shares of Cipher Mining during the 2nd quarter worth approximately $99,000. Finally, Steamboat Capital Partners LLC acquired a new stake in shares of Cipher Mining during the 2nd quarter worth approximately $6,001,000. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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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