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 Tuesday, MarketBeat.com reports. The firm currently has $8.00 target price on the stock.

A number of other brokerages have also weighed in on CIFR. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie increased their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Compass Point increased their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $8.03.

Cipher Mining Stock Up 0.5 %

Shares of NASDAQ:CIFR opened at $6.49 on Tuesday. The company has a market capitalization of $2.26 billion, a P/E ratio of -49.92 and a beta of 2.29. The stock’s fifty day simple moving average is $5.80 and its 200-day simple moving average is $4.77. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter last year, the firm earned ($0.07) earnings per share. As a group, equities research analysts forecast that Cipher Mining will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’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 transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,593,503 shares of company stock worth $9,568,005. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in 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 last quarter. Virtu Financial LLC grew its stake in Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after purchasing an additional 21,566 shares in the last quarter. Barclays PLC increased its holdings in Cipher Mining by 377.2% during the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock worth $1,147,000 after purchasing an additional 234,366 shares during the last quarter. Geode Capital Management LLC raised its position 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 purchasing an additional 1,511,455 shares in the last quarter. Finally, State Street Corp raised its position in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares in the last quarter. 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.