Cipher Mining Inc. (NASDAQ:CIFR) Given Average Recommendation of “Buy” by Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus recommendation of “Buy” from the thirteen analysts that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $8.13.

Several equities analysts have recently commented on CIFR shares. Rosenblatt Securities initiated coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 price objective on the stock. Needham & Company LLC decreased their target price on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Finally, Northland Securities upped their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its position in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Cipher Mining in the 4th quarter valued at approximately $29,000. KBC Group NV acquired a new stake in Cipher Mining during the 4th quarter valued at $46,000. Apollon Wealth Management LLC purchased a new position in Cipher Mining during the fourth quarter worth $49,000. Finally, Rafferty Asset Management LLC acquired a new position in shares of Cipher Mining in the fourth quarter worth $49,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Up 9.6 %

Shares of NASDAQ CIFR opened at $3.20 on Tuesday. The company has a market capitalization of $1.18 billion, a P/E ratio of -24.61 and a beta of 2.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a 50 day simple moving average of $4.70 and a 200-day simple moving average of $5.01. Cipher Mining has a 1 year low of $2.66 and a 1 year high of $7.99.

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.