JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Cipher Mining (NASDAQ:CIFR) Stock

Key Points

• JPMorgan Chase & Co. has raised its price target for Cipher Mining's stock from $6.00 to $12.00, indicating a potential upside of 2.92% from its previous close.
• Other brokerages have issued positive reviews, with Arete giving a "buy" rating and a target price of $24.00, contributing to an overall consensus rating of "Moderate Buy" with an average target price of $11.36.
• Cipher Mining's stock has seen significant selling from insiders recently, with top shareholder Bitfury selling over 667,000 shares at an average price of $6.11, resulting in a total value of approximately $4.1 million.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $6.00 to $12.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 2.92% from the company's previous close.

A number of other brokerages also recently commented on CIFR. Arete started coverage on Cipher Mining in a research note on Wednesday. They issued a "buy" rating and a $24.00 target price on the stock. Compass Point started coverage on Cipher Mining in a research note on Monday, September 15th. They issued a "buy" rating on the stock. Macquarie upped their target price on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Cantor Fitzgerald upped their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Finally, Jones Trading started coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $11.36.

Cipher Mining Stock Down 17.5%

Shares of CIFR stock opened at $11.66 on Friday. The stock's 50-day simple moving average is $7.64 and its 200-day simple moving average is $4.95. 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 has a market capitalization of $4.59 billion, a PE ratio of -27.12 and a beta of 2.76. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $15.54.

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

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the completion of the sale, the insider owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the sale, the insider directly owned 71,437,719 shares of the company's stock, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,816,072 shares of company stock worth $170,436,757. Company insiders own 2.89% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

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