Rothschild & Co Redburn Upgrades Cipher Mining (NASDAQ:CIFR) to Hold

Key Points

• Rothschild & Co Redburn upgraded Cipher Mining to “Hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $28.97.
• Cipher Mining shares rose 3.1% to open at $18.90, but the company’s latest quarter showed a larger-than-expected loss of $0.65 per share and revenue of $24.84 million, below estimates.
• CEO Tyler Page sold 112,500 shares under a pre-arranged trading plan, while institutional ownership stands at 12.26% and several major funds recently increased their positions.

Cipher Mining (NASDAQ:CIFR - Get Free Report) was upgraded by stock analysts at Rothschild & Co Redburn to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

Other equities research analysts have also issued reports about the company. Rosenblatt Securities reiterated a "buy" rating and set a $30.00 price target on shares of Cipher Mining in a report on Thursday, September 10th. Citigroup restated a "market outperform" rating on shares of Cipher Mining in a report on Monday, August 10th. BTIG Research raised their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Chardan Capital reiterated a "buy" rating and issued a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Finally, Freedom Capital upgraded shares of Cipher Mining to a "hold" rating in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.97.

Cipher Mining Trading Up 3.1%

Shares of NASDAQ:CIFR opened at $18.90 on Monday. The firm has a fifty day moving average of $18.24 and a two-hundred day moving average of $19.22. The firm has a market capitalization of $7.84 billion, a P/E ratio of -6.61 and a beta of 3.15. Cipher Mining has a 12-month low of $11.01 and a 12-month high of $30.14. 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 posted its quarterly 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). The company had revenue of $24.84 million during the quarter, compared to analyst estimates 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 last year, the company posted ($0.12) earnings per share. On average, equities analysts expect that Cipher Mining will post -1.36 EPS 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 that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the transaction, 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 can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.09% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Situational Awareness LP grew its position in shares of Cipher Mining by 82.4% in the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company's stock worth $120,519,000 after buying an additional 558,105 shares during the last quarter. Wellington Management Group LLP lifted its holdings 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 buying an additional 3,388,359 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Cipher Mining by 1.9% in 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 during the last quarter. Finally, Moore Capital Management LP acquired a new position in Cipher Mining during the 2nd quarter valued at $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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