Cipher Mining Inc. (NASDAQ:CIFR) Receives Average Rating of “Buy” from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has been given a consensus recommendation of “Buy” by the twelve analysts that are currently covering the company, Marketbeat.com reports. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $8.14.

Several research firms have recently weighed in on CIFR. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Macquarie increased their price objective 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 cut their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research note on Tuesday, December 10th.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at $49,000. Creative Planning increased its holdings in Cipher Mining by 106.0% during the 3rd quarter. Creative Planning now owns 51,492 shares of the company’s stock worth $188,000 after purchasing an additional 26,498 shares during the period. Private Advisor Group LLC raised its position in Cipher Mining by 43.5% in the 3rd quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock valued at $408,000 after purchasing an additional 32,000 shares in the last quarter. Vima LLC boosted its stake in shares of Cipher Mining by 11.3% in the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares during the period. Finally, Strategic Blueprint LLC grew its position in shares of Cipher Mining by 33.3% during the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after buying an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Price Performance

NASDAQ:CIFR opened at $6.08 on Friday. Cipher Mining has a one year low of $2.65 and a one year high of $7.99. The stock has a market cap of $2.11 billion, a PE ratio of -46.77 and a beta of 2.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock has a 50 day moving average price of $5.51 and a 200 day moving average price of $5.01.

Cipher Mining Company Profile

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.