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 report published on Monday, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $18.00 target price on the stock, up from their prior target price of $12.00.

A number of other brokerages also recently issued reports on CIFR. Needham & Company LLC upped their price objective on Cipher Mining from $15.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Rosenblatt Securities increased their price target on Cipher Mining to $33.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Wall Street Zen raised shares of Cipher Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Citizens Jmp assumed coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price objective on the stock. Finally, HC Wainwright raised their target price on shares of Cipher Mining to $30.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Fifteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.68.

Cipher Mining Price Performance

Cipher Mining stock opened at $19.15 on Monday. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $25.52. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The firm’s fifty day moving average is $17.04 and its 200 day moving average is $9.56. The company has a market cap of $7.57 billion, a price-to-earnings ratio of -106.39 and a beta of 2.91.

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

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 535,843 shares of the company’s stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $20.32, for a total value of $10,888,329.76. Following the transaction, the insider directly owned 61,316,694 shares in the company, valued at approximately $1,245,955,222.08. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William Iwaschuk sold 173,094 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the completion of the transaction, the insider directly owned 1,054,488 shares in the company, valued at $23,747,069.76. This represents a 14.10% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 20,758,308 shares of company stock valued at $280,420,794. 2.63% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the 3rd quarter worth $25,000. Stoneridge Investment Partners LLC bought a new position in shares of Cipher Mining during the 1st quarter worth $29,000. Hollencrest Capital Management purchased a new position in shares of Cipher Mining during the third quarter valued at $31,000. Peterson Wealth Services bought a new stake in shares of Cipher Mining in the third quarter valued at about $41,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock valued at $43,000 after acquiring an additional 6,516 shares in the last quarter. 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.