Keefe, Bruyette & Woods Begins Coverage on Cipher Mining (NASDAQ:CIFR)

Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining (NASDAQ:CIFR) in a report issued on Wednesday morning, Marketbeat.com reports. The firm issued an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a report on Tuesday. Macquarie upped their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Ten research 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 has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $5.05 on Wednesday. The stock’s 50-day moving average is $6.09 and its 200 day moving average is $4.93. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -38.84 and a beta of 2.38. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99. 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 (NASDAQ:CIFR) last posted its quarterly 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 business had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same period last year, the business posted ($0.07) earnings per share. On average, sell-side analysts anticipate that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock valued at $9,000,561 over the last three months. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its stake in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter valued at about $33,000. Xponance Inc. bought a new position in shares of Cipher Mining in the 2nd quarter worth approximately $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining in the third quarter worth approximately $45,000. Finally, Prospect Financial Services LLC purchased a new stake in Cipher Mining during the third quarter valued at approximately $47,000. 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.