Cipher Mining (NASDAQ:CIFR) Upgraded at Sanford C. Bernstein

Cipher Mining (NASDAQ:CIFR) was upgraded by equities research analysts at Sanford C. Bernstein to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other research analysts have also issued reports on the stock. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Wall Street Zen lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Keefe, Bruyette & Woods lifted their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Jefferies Financial Group began coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $27.69.

Cipher Mining Trading Down 2.6%

Cipher Mining stock opened at $25.55 on Wednesday. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The firm has a market cap of $10.45 billion, a price-to-earnings ratio of -10.97 and a beta of 3.18. Cipher Mining has a 1 year low of $3.29 and a 1 year high of $28.62. The firm’s 50 day moving average price is $18.96 and its two-hundred day moving average price is $17.25.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The business had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business’s revenue for the quarter was down 28.8% compared to the same quarter last year. On average, research analysts predict that Cipher Mining will post -0.8 EPS for the current fiscal year.

Insider Activity

In other Cipher Mining news, Director Wesley Hastie Williams sold 28,169 shares of Cipher Mining stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total transaction of $627,041.94. Following the transaction, the director directly owned 129,976 shares in the company, valued at approximately $2,893,265.76. The trade was a 17.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of Cipher Mining stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the transaction, the insider owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. The trade was a 2.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 2,013,804 shares of company stock worth $51,793,735. 2.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Cipher Mining by 43.2% during the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares in the last quarter. Situational Awareness LP grew its position in Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after purchasing an additional 4,728,600 shares in the last quarter. Geode Capital Management LLC grew its position in Cipher Mining by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after purchasing an additional 558,105 shares in the last quarter. State Street Corp grew its position in Cipher Mining by 10.2% during the 4th quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after purchasing an additional 745,030 shares in the last quarter. Finally, Value Aligned Research Advisors LLC grew its position in Cipher Mining by 45.9% during the 4th quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after purchasing an additional 2,342,958 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.