Cipher Mining (NASDAQ:CIFR) Given Buy Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reiterated its buy rating on Cipher Mining and set a $30 price target, implying about 14.7% upside from the prior close.
• The stock has broad analyst support overall, with MarketBeat citing an average rating of “Moderate Buy” and an average target price of $28.31 across the coverage group.
• Cipher Mining’s latest earnings showed a slight EPS miss and revenue below estimates, while insider selling has been notable, including recent sales by a director and the COO.

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $30.00 price objective on the stock. Rosenblatt Securities' price objective would indicate a potential upside of 14.71% from the company's previous close.

CIFR has been the subject of several other research reports. Keefe, Bruyette & Woods raised their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. BTIG Research boosted 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. Cantor Fitzgerald decreased their price objective on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, April 9th. Needham & Company LLC raised their target price on Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Finally, Morgan Stanley cut their target price on Cipher Mining from $53.50 to $48.50 and set an "overweight" rating on the stock in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $28.31.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $26.15 on Thursday. The stock has a market cap of $10.70 billion, a P/E ratio of -11.22 and a beta of 3.18. 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 stock's 50-day moving average is $22.09 and its 200-day moving average is $18.06. Cipher Mining has a 1-year low of $3.65 and a 1-year high of $30.14.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. The firm's quarterly revenue was down 28.8% compared to the same quarter last year. Equities research analysts anticipate that Cipher Mining will post -0.8 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, Director James E. Newsome sold 3,758 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the sale, the director owned 128,530 shares of the company's stock, valued at approximately $3,418,898. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 48,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the sale, the chief operating officer owned 1,451,856 shares of the company's stock, valued at approximately $28,107,932.16. The trade was a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,132,836 shares of company stock valued at $81,420,063 over the last quarter. Company insiders own 2.63% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Cipher Mining by 43.2% in the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company's stock valued at $482,360,000 after buying an additional 9,865,533 shares during the period. Situational Awareness LP increased its stake in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock valued at $154,524,000 after acquiring an additional 4,728,600 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cipher Mining by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company's stock valued at $120,519,000 after acquiring an additional 558,105 shares during the period. State Street Corp lifted its position in shares of Cipher Mining by 10.2% during the 4th quarter. State Street Corp now owns 8,078,423 shares of the company's stock valued at $119,238,000 after acquiring an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC boosted its stake in Cipher Mining by 45.9% during the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company's stock worth $109,925,000 after acquiring an additional 2,342,958 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

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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