Cipher Mining (NASDAQ:CIFR) Receives "Sell (D+)" Rating from Weiss Ratings

Key Points

• Cipher Mining has received a "Sell (D+)" rating from Weiss Ratings, while multiple other analysts have issued "Buy" ratings and increased their price targets, indicating diverse opinions on the stock's potential.
• As of the latest trading session, Cipher Mining's stock reached $20.86, showing a significant increase, with a market cap of approximately $8.20 billion.
• Insider activity includes substantial share sales, with COO Patrick Arthur Kelly selling 44,870 shares and a major shareholder offloading 2 million shares, raising concerns about insider confidence in the company's future.

Cipher Mining (NASDAQ:CIFR - Get Free Report)'s stock had its "sell (d+)" rating reaffirmed by analysts at Weiss Ratings in a research note issued to investors on Tuesday,Weiss Ratings reports.

Other research analysts also recently issued research reports about the company. Rosenblatt Securities upped their price objective on Cipher Mining from $9.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Canaccord Genuity Group upped their target price on Cipher Mining from $12.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. BTIG Research raised their price target on Cipher Mining from $9.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday. Arete initiated coverage on Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a research note on Friday, September 26th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.68.

Cipher Mining Trading Up 2.6%

Shares of CIFR stock traded up $0.52 during mid-day trading on Tuesday, reaching $20.86. 33,299,627 shares of the stock traded hands, compared to its average volume of 26,586,430. The stock's fifty day simple moving average is $9.84 and its two-hundred day simple moving average is $6.00. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $20.97. The company has a market cap of $8.20 billion, a price-to-earnings ratio of -48.04 and a beta of 2.87. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

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

Insider Activity

In other news, COO Patrick Arthur Kelly sold 44,870 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $10.80, for a total transaction of $484,596.00. Following the sale, the chief operating officer directly owned 1,044,390 shares in the company, valued at $11,279,412. This trade represents a 4.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holding Ltd V3 sold 2,000,000 shares of Cipher Mining stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $12.08, for a total value of $24,160,000.00. Following the completion of the sale, the insider owned 67,852,537 shares in the company, valued at approximately $819,658,646.96. The trade was a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,022,964 shares of company stock worth $192,926,623 over the last ninety days. 2.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC raised its holdings in Cipher Mining by 27.5% during the third quarter. Exchange Traded Concepts LLC now owns 1,369,929 shares of the company's stock worth $17,247,000 after purchasing an additional 295,383 shares in the last quarter. DKM Wealth Management Inc. purchased a new position in shares of Cipher Mining in the 3rd quarter valued at $157,000. Signal Advisors Wealth LLC grew its holdings in Cipher Mining by 41.2% during the 3rd quarter. Signal Advisors Wealth LLC now owns 14,122 shares of the company's stock valued at $178,000 after purchasing an additional 4,122 shares in the last quarter. Voya Investment Management LLC grew its holdings in Cipher Mining by 454.3% during the 3rd quarter. Voya Investment Management LLC now owns 400,090 shares of the company's stock worth $5,037,000 after acquiring an additional 327,912 shares in the last quarter. Finally, Marex Group plc acquired a new position in shares of Cipher Mining in the 2nd quarter valued at about $333,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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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