Cipher Mining (NASDAQ:CIFR) Raised to Overweight at JPMorgan Chase & Co.

Cipher Mining (NASDAQ:CIFR) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Tuesday, Marketbeat.com reports. The brokerage presently has a $8.00 price objective on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 25.39% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Securities lifted their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average target price of $8.03.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $6.38 on Tuesday. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The stock has a 50-day moving average of $5.64 and a 200 day moving average of $4.73. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -49.07 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share 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 business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the company earned ($0.07) earnings per share. Sell-side analysts anticipate that Cipher Mining will post -0.18 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares of the company’s stock, valued at $2,439,443.12. This trade represents a 19.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,593,503 shares of company stock worth $9,568,005 in the last quarter. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Millennium Management LLC raised its position in Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the period. Tidal Investments LLC raised its holdings in shares of Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the period. Geode Capital Management LLC raised its holdings in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the period. Van ECK Associates Corp lifted its stake in Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new position in Cipher Mining during the 3rd quarter valued at about $4,029,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.