Cipher Mining (NASDAQ:CIFR) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Cipher Mining (NASDAQ:CIFR) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. They currently have $8.00 price target on the stock.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. BTIG Research raised their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie increased their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Trading Down 3.9 %

Shares of CIFR opened at $6.13 on Tuesday. The business’s 50-day moving average price is $5.69 and its 200 day moving average price is $4.74. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $2.13 billion, a P/E ratio of -47.15 and a beta of 2.29. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the business earned ($0.07) earnings per share. Analysts expect that Cipher Mining will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider William Iwaschuk sold 150,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,593,503 shares of company stock valued at $9,568,005 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining during the first quarter worth approximately $59,000. California State Teachers Retirement System grew its stake in Cipher Mining by 19.4% in the 1st quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock valued at $317,000 after buying an additional 10,019 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Cipher Mining by 16.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 122,481 shares of the company’s stock worth $508,000 after acquiring an additional 17,254 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in Cipher Mining by 13.1% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 149,659 shares of the company’s stock worth $621,000 after acquiring an additional 17,355 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after acquiring an additional 389,079 shares during the period. 12.26% of the stock is owned by institutional investors.

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.