Wall Street Zen Downgrades Cipher Mining (NASDAQ:CIFR) to Sell

Cipher Mining (NASDAQ:CIFR) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also commented on the company. Citizens Jmp started coverage on Cipher Mining in a research report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and set a $27.00 target price on shares of Cipher Mining in a report on Monday, December 15th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and raised their target price for the company from $12.00 to $18.00 in a research note on Monday, November 24th. Wells Fargo & Company set a $18.00 price target on shares of Cipher Mining in a research report on Monday, November 24th. Finally, BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a report on Wednesday, November 5th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.73.

Cipher Mining Trading Down 6.4%

Shares of Cipher Mining stock opened at $15.19 on Friday. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $25.52. The stock has a market capitalization of $6.00 billion, a P/E ratio of -84.39 and a beta of 2.91. The company has a 50-day simple moving average of $17.92 and a 200 day simple moving average of $11.64. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.07. The firm had revenue of $106.69 million for the quarter, compared to analysts’ expectations of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. Research analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In related news, Director James E. Newsome sold 21,821 shares of Cipher Mining stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $16.03, for a total value of $349,790.63. Following the completion of the sale, the director directly owned 172,492 shares in the company, valued at $2,765,046.76. This trade represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.08, for a total transaction of $801,861.36. Following the transaction, the director owned 158,145 shares in the company, valued at approximately $2,542,971.60. The trade was a 23.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,970,973 shares of company stock valued at $127,044,253 over the last quarter. 2.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. Tudor Investment Corp ET AL lifted its holdings in Cipher Mining by 2,574.9% in the third quarter. Tudor Investment Corp ET AL now owns 2,386,854 shares of the company’s stock valued at $30,050,000 after buying an additional 2,297,623 shares during the period. Value Aligned Research Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter valued at $64,266,000. Swiss Life Asset Management Ltd acquired a new position in shares of Cipher Mining in the 3rd quarter valued at $149,000. CIBC Bancorp USA Inc. bought a new position in shares of Cipher Mining in the 3rd quarter worth $356,000. Finally, Centaurus Financial Inc. boosted its position in shares of Cipher Mining by 5.1% in the 3rd quarter. Centaurus Financial Inc. now owns 136,641 shares of the company’s stock worth $1,720,000 after purchasing an additional 6,679 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.