Cipher Mining (NASDAQ:CIFR) Upgraded at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein upgraded Cipher Mining (NASDAQ:CIFR) to “strong-buy.” The move adds to generally positive analyst sentiment, with the stock now carrying an average “Moderate Buy” rating and an average price target of $27.69.
• Analysts remain broadly bullish on the stock. Across recent coverage, one analyst rates it Strong Buy, fifteen rate it Buy, two Hold, and one Sell, while recent price targets range as high as $30 from Rosenblatt Securities.
• Cipher Mining’s latest results were mixed, and insiders have been selling shares. The company missed earnings and revenue estimates in its most recent quarter, while executives and directors sold shares and insiders collectively sold about 2.0 million shares over the last 90 days.

Cipher Mining (NASDAQ:CIFR - Get Free Report) was upgraded by equities research analysts at Sanford C. Bernstein to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on CIFR. Needham & Company LLC raised their target price on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Cantor Fitzgerald cut their target price on shares of Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Zacks Research raised shares of Cipher Mining from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 25th. Wall Street Zen cut Cipher Mining from a "hold" rating to a "strong sell" rating in a report on Sunday, March 1st. Finally, Rosenblatt Securities lifted their price target on Cipher Mining from $24.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of "Moderate Buy" and an average price target of $27.69.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $25.55 on Wednesday. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm's 50-day moving average price is $18.96 and its two-hundred day moving average price is $17.25. Cipher Mining has a 52-week low of $3.29 and a 52-week high of $28.62. The stock has a market capitalization of $10.45 billion, a P/E ratio of -10.97 and a beta of 3.18.

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

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 48,000 shares of Cipher Mining stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total transaction 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. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Cary M. Grossman sold 20,000 shares of Cipher Mining stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total value of $436,400.00. Following the sale, the director directly owned 150,530 shares in the company, valued at approximately $3,284,564.60. This trade represents a 11.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 2,013,804 shares of company stock valued at $51,793,735. Company insiders own 2.63% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CIFR. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company's stock valued at $482,360,000 after acquiring an additional 9,865,533 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of Cipher Mining during the third quarter valued at approximately $70,524,000. Value Aligned Research Advisors LLC acquired a new position in shares of Cipher Mining during the third quarter valued at approximately $64,266,000. Situational Awareness LP increased its stake in shares of Cipher Mining by 82.4% during the fourth 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 during the period. Finally, Janus Henderson Group PLC increased its stake in shares of Cipher Mining by 3,718.3% during the fourth quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company's stock valued at $63,359,000 after acquiring an additional 4,180,362 shares during the period. 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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