Keefe, Bruyette & Woods Increases Cipher Mining (NASDAQ:CIFR) Price Target to $32.00

Key Points

• Keefe, Bruyette & Woods raised Cipher Mining’s price target to $32 from $27 and maintained an “outperform” rating, implying roughly 60% upside from the stock’s $19.97 price. Analysts collectively rate the stock “Moderate Buy,” with an average target of $28.74.
• Cipher Mining shares fell 7.8% to $19.97 during Tuesday trading. The company recently reported a quarterly loss of $0.28 per share, missed revenue expectations, and posted a 28.8% year-over-year revenue decline.
• Insiders have been selling shares: insiders sold 3.25 million shares worth approximately $83.8 million over the past 90 days, while institutional investors own 12.26% of the company.

Cipher Mining (NASDAQ:CIFR - Get Free Report) had its target price upped by Keefe, Bruyette & Woods from $27.00 to $32.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target indicates a potential upside of 60.25% from the stock's current price.

CIFR has been the subject of a number of other research reports. HC Wainwright increased their price target on Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Sanford C. Bernstein initiated coverage on Cipher Mining in a research note on Wednesday, June 3rd. They set an "outperform" rating and a $32.00 target price for the company. Chardan Capital began coverage on shares of Cipher Mining in a research report on Monday. They set a "buy" rating and a $32.00 price target for the company. BTIG Research lifted their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley cut their price target on shares of Cipher Mining from $48.50 to $47.00 and set an "overweight" rating on the stock in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.74.

Cipher Mining Trading Down 7.8%

Cipher Mining stock traded down $1.68 during midday trading on Tuesday, reaching $19.97. The stock had a trading volume of 17,470,157 shares, compared to its average volume of 27,015,012. The stock's 50-day simple moving average is $23.32 and its 200 day simple moving average is $18.96. Cipher Mining has a twelve month low of $4.55 and a twelve month high of $30.14. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The stock has a market capitalization of $8.17 billion, a PE ratio of -8.59 and a beta of 3.18.

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

Insider Activity

In other news, Director Cary M. Grossman sold 20,000 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the transaction, the director directly owned 150,530 shares of the company's stock, valued at $3,284,564.60. This represents a 11.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.62, for a total value of $47,916,000.00. Following the transaction, the insider directly owned 59,516,694 shares in the company, valued at $1,584,334,394.28. This trade represents a 2.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC increased its position in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock valued at $42,000 after buying an additional 500 shares in the last quarter. Abel Hall LLC grew its position in Cipher Mining by 3.8% in the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company's stock valued at $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC increased its stake in Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock valued at $148,000 after purchasing an additional 750 shares in the last quarter. CWM LLC raised its holdings in Cipher Mining by 43.3% during the fourth quarter. CWM LLC now owns 2,661 shares of the company's stock worth $39,000 after buying an additional 804 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its stake in shares of Cipher Mining by 6.7% in the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock valued at $230,000 after buying an additional 980 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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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