Cipher Mining (NASDAQ:CIFR) Coverage Initiated by Analysts at Compass Point

Key Points

• Analysts at Compass Point have initiated coverage on Cipher Mining (NASDAQ:CIFR), assigning a "buy" rating to the stock.
• Recent earnings reports show Cipher Mining reached a revenue of $43.57 million for the quarter, but fell short of analyst expectations.
• Insider trading activity has been notable, with significant share sales including COO Patrick Arthur Kelly selling 44,871 shares on August 15th at an average price of $5.20.

Analysts at Compass Point started coverage on shares of Cipher Mining (NASDAQ:CIFR - Get Free Report) in a report released on Monday. The brokerage set a "buy" rating on the stock.

A number of other equities analysts have also commented on the stock. Jones Trading began coverage on shares of Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating on the stock. Canaccord Genuity Group boosted their price target on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Cantor Fitzgerald boosted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.67.

Cipher Mining Price Performance

Shares of Cipher Mining stock opened at $10.85 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm's 50-day simple moving average is $6.49 and its 200-day simple moving average is $4.42. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $10.93. The firm has a market cap of $4.27 billion, a P/E ratio of -25.23 and a beta of 2.75.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting analysts' consensus estimates of ($0.12). The firm had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. As a group, research analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 44,871 shares of the business's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $5.20, for a total transaction of $233,329.20. Following the completion of the sale, the chief operating officer directly owned 1,089,260 shares of the company's stock, valued at $5,664,152. The trade was a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Cary M. Grossman sold 75,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $5.89, for a total transaction of $441,750.00. Following the sale, the director directly owned 225,530 shares of the company's stock, valued at approximately $1,328,371.70. This trade represents a 24.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,766,662 shares of company stock valued at $70,656,046. 2.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. Millennium Management LLC bought a new stake in Cipher Mining in the first quarter valued at approximately $9,316,000. Alyeska Investment Group L.P. bought a new stake in Cipher Mining in the first quarter valued at approximately $7,094,000. Helix Partners Management LP increased its stake in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after purchasing an additional 2,153,058 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock valued at $10,645,000 after purchasing an additional 2,023,994 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.

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