Chardan Capital Reaffirms "Buy" Rating for Cipher Mining (NASDAQ:CIFR)

Key Points

• Chardan Capital reiterated its “Buy” rating on Cipher Mining and maintained a $32 price target, implying 32.45% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $28.74.
• Cipher Mining reported a quarterly loss of $0.65 per share and revenue of $24.84 million, missing analyst estimates of a $0.24 loss and $31.86 million in revenue.
• Insiders sold $83.8 million worth of shares over the past 90 days, while hedge funds and other institutional investors own 12.26% of the company.

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Chardan Capital in a report issued on Tuesday,Benzinga reports. They currently have a $32.00 price objective on the stock. Chardan Capital's price objective would suggest a potential upside of 32.45% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. BTIG Research raised their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $30.00 price target on shares of Cipher Mining in a report on Thursday, June 25th. Jefferies Financial Group initiated coverage on Cipher Mining in a research report on Thursday, May 14th. They issued a "buy" rating and a $32.00 price objective for the company. HC Wainwright boosted their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Cipher Mining from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $28.74.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $24.16 on Tuesday. Cipher Mining has a twelve month low of $4.55 and a twelve month high of $30.14. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. The company has a market cap of $9.88 billion, a PE ratio of -10.37 and a beta of 3.20. The company's 50 day moving average is $23.39 and its 200 day moving average is $19.12.

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 for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.41). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. On average, sell-side analysts forecast that Cipher Mining will post -0.79 EPS for the current year.

Insider Activity at Cipher Mining

In related 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 completion of the sale, the chief executive officer directly owned 9,084,225 shares of the company's stock, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Wesley Hastie Williams sold 28,169 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the transaction, the director directly owned 129,976 shares of the company's stock, valued at approximately $2,893,265.76. This trade represents a 17.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,245,336 shares of company stock valued at $83,803,938 over the last ninety days. Corporate insiders own 3.09% of the company's stock.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the business. CoreCap Advisors LLC boosted its position in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock valued at $42,000 after buying an additional 500 shares during the period. Los Angeles Capital Management LLC purchased a new position in Cipher Mining in the fourth quarter worth approximately $25,000. Arax Advisory Partners raised its holdings in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Cipher Mining in the 4th quarter valued at $28,000. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Cipher Mining during the 2nd quarter worth $58,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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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