Cipher Mining (NASDAQ:CIFR) Hits New 12-Month Low on Analyst Downgrade

Key Points

• Cipher Mining shares fell 15.3% to a new 52-week low of $11.44 after Morgan Stanley lowered its price target from $54.00 to $51.50, though it maintained an overweight rating.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $28.72, despite recent target reductions and neutral or hold ratings from some firms.
• The company reported a quarterly loss of $0.65 per share, missing expectations by $0.40, while revenue of $24.84 million also fell short of the $31.86 million consensus estimate.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares reached a new 52-week low on Tuesday after Morgan Stanley lowered their price target on the stock from $54.00 to $51.50. Morgan Stanley currently has an overweight rating on the stock. Cipher Mining traded as low as $11.44 and last traded at $11.1150, with a volume of 4,318,938 shares trading hands. The stock had previously closed at $13.00.

Several other analysts have also recently commented on the stock. Freedom Capital upgraded shares of Cipher Mining to a "hold" rating in a research note on Friday, September 18th. Keefe, Bruyette & Woods cut their price objective on Cipher Mining from $32.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. Chardan Capital reaffirmed a "buy" rating and issued a $32.00 target price on shares of Cipher Mining in a report on Tuesday, August 4th. Rothschild & Co Redburn started coverage on Cipher Mining in a research report on Monday, September 21st. They issued a "neutral" rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $28.72.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the stock. GK Wealth Management LLC purchased a new stake in shares of Cipher Mining in the third quarter valued at $25,000. CoreCap Advisors LLC grew its holdings in Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock valued at $42,000 after purchasing an additional 500 shares during the last quarter. Ancora Advisors LLC bought a new position in Cipher Mining during the 2nd quarter valued at about $49,000. Harbor Investment Advisory LLC purchased a new stake in Cipher Mining in the 2nd quarter worth about $58,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Cipher Mining by 259.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company's stock worth $43,000 after purchasing an additional 2,423 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

Cipher Mining Trading Down 15.3%

The company's 50 day simple moving average is $16.61 and its 200-day simple moving average is $19.36. The firm has a market cap of $4.57 billion, a P/E ratio of -3.82 and a beta of 3.20. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). The business had revenue of $24.84 million for the quarter, compared to analysts' expectations of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the previous year, the firm earned ($0.12) EPS. As a group, research analysts predict that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.

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