Keefe, Bruyette & Woods Cuts Cipher Mining (NASDAQ:CIFR) Price Target to $28.00

Key Points

• Keefe, Bruyette & Woods lowered Cipher Mining’s price target to $28 from $32 while maintaining an “outperform” rating, implying nearly 50% upside from the prior close.
• Analyst sentiment remains broadly positive: Cipher Mining has a “Moderate Buy” consensus rating and an average target price of $28.50, despite one sell rating.
• The company reported weaker-than-expected quarterly results, with a $0.65 per-share loss and $24.84 million in revenue versus estimates of a $0.24 loss and $31.86 million in revenue; the stock opened down 8.2% at $18.71.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price cut by analysts at Keefe, Bruyette & Woods from $32.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 49.65% from the company's previous close.

A number of other research analysts have also recently issued reports on CIFR. Morgan Stanley lowered their price objective on Cipher Mining from $48.50 to $47.00 and set an "overweight" rating for the company in a research note on Monday, July 20th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $30.00 price target on shares of Cipher Mining in a research report on Wednesday. Needham & Company LLC upped their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. HC Wainwright raised their price objective on shares of Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cipher Mining presently has an average rating of "Moderate Buy" and a consensus target price of $28.50.

Cipher Mining Stock Down 8.2%

Shares of Cipher Mining stock opened at $18.71 on Thursday. Cipher Mining has a 1 year low of $4.55 and a 1 year high of $30.14. The firm has a market cap of $7.65 billion, a price-to-earnings ratio of -6.54 and a beta of 3.20. The company has a 50-day moving average of $23.21 and a 200 day moving average of $19.14. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.41). Cipher Mining had a negative return on equity of 145.82% and a negative net margin of 585.75%.The business had revenue of $24.84 million during the quarter, compared to analysts' expectations of $31.86 million. During the same quarter last year, the company posted ($0.12) EPS. As a group, sell-side analysts anticipate that Cipher Mining will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other Cipher Mining news, COO Patrick Arthur Kelly sold 48,000 shares of the firm's 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 transaction, the chief operating officer directly owned 1,451,856 shares of the company's stock, valued at approximately $28,107,932.16. This trade represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Cary M. Grossman sold 15,000 shares of the business's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director owned 143,829 shares of the company's stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 3,197,167 shares of company stock worth $82,740,496. Insiders own 3.09% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in the business. HighTower Advisors LLC increased its holdings in Cipher Mining by 16.6% in the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company's stock valued at $9,915,000 after buying an additional 95,686 shares in the last quarter. Foundations Investment Advisors LLC acquired a new position in Cipher Mining during the fourth quarter worth $667,000. Purpose Unlimited Inc. purchased a new position in Cipher Mining during the fourth quarter valued at $1,558,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in shares of Cipher Mining in the first quarter valued at about $2,188,000. Finally, Tyche Wealth Partners LLC increased its stake in shares of Cipher Mining by 119.0% during the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company's stock worth $1,697,000 after purchasing an additional 62,500 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Cipher Mining Company Profile

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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