Cipher Mining (NASDAQ:CIFR – Get Free Report) had its target price lowered by equities research analysts at Needham & Company LLC from $25.00 to $15.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC‘s price target suggests a potential upside of 96.26% from the company’s previous close.
Several other brokerages also recently weighed in on CIFR. Chardan Capital reaffirmed a “buy” rating and set a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Morgan Stanley lowered their price target on Cipher Mining from $54.00 to $51.50 and set an “overweight” rating on the stock in a report on Monday, October 12th. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research note on Monday. Rosenblatt Securities reduced their price objective on shares of Cipher Mining from $30.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $15.00 target price on shares of Cipher Mining in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.29.
Get Our Latest Stock Analysis on Cipher Mining
Cipher Mining Stock Performance
Shares of NASDAQ:CIFR traded up $0.78 during trading hours on Tuesday, hitting $7.64. The stock had a trading volume of 11,065,111 shares, compared to its average volume of 31,106,445. The stock’s fifty day simple moving average is $13.99 and its 200 day simple moving average is $17.70. Cipher Mining has a 1-year low of $6.62 and a 1-year high of $30.14. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of -2.65 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. The company had revenue of $26.70 million for the quarter, compared to analysts’ expectations of $39.31 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. The business’s revenue for the quarter was down 62.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 earnings per share. Sell-side analysts anticipate that Cipher Mining will post -1.36 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Cipher Mining
Several hedge funds and other institutional investors have recently bought and sold shares of the business. CenterBook Partners LP bought a new position in shares of Cipher Mining during the 3rd quarter valued at about $691,000. Kestra Advisory Services LLC grew its stake in shares of Cipher Mining by 5.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 88,548 shares of the company’s stock worth $1,401,000 after purchasing an additional 4,510 shares during the last quarter. Covestor Ltd grew its stake in shares of Cipher Mining by 10,781.8% in the 3rd quarter. Covestor Ltd now owns 49,621 shares of the company’s stock worth $785,000 after purchasing an additional 49,165 shares during the last quarter. Integrity Alliance LLC. bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $1,274,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $42,000. 12.26% of the stock is currently owned by institutional investors.
Key Headlines Impacting Cipher Mining
Here are the key news stories impacting Cipher Mining this week:
- Positive Sentiment: Rosenblatt Securities maintained a Buy rating while lowering its price target to $19 from $30. The revised target still implies substantial upside from recent levels. Rosenblatt Securities recommendations
- Positive Sentiment: Cantor Fitzgerald retained an Overweight rating and reduced its target to $15 from $19, indicating that analysts continue to see long-term value despite near-term execution risks. Cantor Fitzgerald recommendations
- Positive Sentiment: Cipher Mining’s quarterly loss of $0.22 per share was narrower than the consensus loss estimate, helped in part by non-operating items. Cipher Mining Q3 earnings
- Neutral Sentiment: Keefe Bruyette cut its price target dramatically to $11 from $28, while H.C. Wainwright characterized the selloff as an attractive entry point. The divergent views highlight both the stock’s valuation potential and elevated risk. Keefe Bruyette price target
- Negative Sentiment: Third-quarter revenue was $26.7 million, well below the $39.3 million consensus estimate and down 62.8% year over year. Bitcoin-mining revenue fell 71%, while initial HPC rent of $5.9 million replaced only a portion of the lost revenue. Cipher Mining Q3 revenue results
- Negative Sentiment: Borrowings of approximately $5.6 billion produced $59 million in quarterly interest expense, increasing pressure on profitability before the HPC data halls reach full utilization. Management also pushed back on describing the company as a “neocloud,” adding uncertainty around its AI-hosting strategy. Cipher Mining earnings reaction
Cipher Mining Company Profile
Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.
Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.
The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.
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