Rosenblatt Securities Reiterates “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They presently have a $24.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 71.31% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $12.00 to $18.00 in a report on Monday, November 24th. Citigroup assumed coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a report on Monday, December 15th. Wells Fargo & Company set a $18.00 price objective on Cipher Mining in a report on Monday, November 24th. Finally, Keefe, Bruyette & Woods reduced their price objective on Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average price target of $23.68.

Cipher Mining Stock Down 4.3%

Shares of CIFR opened at $14.01 on Thursday. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $25.52. The firm’s 50 day moving average is $16.04 and its 200-day moving average is $16.05. The stock has a market capitalization of $5.68 billion, a PE ratio of -6.49 and a beta of 2.96.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $14.98, for a total value of $532,808.64. Following the transaction, the chief operating officer directly owned 1,441,508 shares of the company’s stock, valued at $21,593,789.84. The trade was a 2.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Newsome sold 45,161 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total value of $710,834.14. Following the sale, the director owned 127,331 shares in the company, valued at approximately $2,004,189.94. The trade was a 26.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 116,297 shares of company stock valued at $1,875,330 in the last three months. 2.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the business. Sherman Asset Management Inc. bought a new position in Cipher Mining during the third quarter worth $25,000. Los Angeles Capital Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $25,000. Arax Advisory Partners increased its holdings in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of Cipher Mining during the fourth quarter worth approximately $28,000. 12.26% of the stock is currently owned by institutional investors.

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.