Cipher Mining (NASDAQ:CIFR) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research report report published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a $8.00 price target on the stock.

Several other research firms have also commented on CIFR. Macquarie raised their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research note on Wednesday. Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Finally, BTIG Research upped their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $8.31.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $4.18 on Wednesday. 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 firm has a market cap of $1.45 billion, a P/E ratio of -32.15 and a beta of 2.41. The firm’s 50 day moving average price is $5.35 and its 200-day moving average price is $5.04. Cipher Mining has a one year low of $2.65 and a one year high of $7.99.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently modified their holdings of the company. V3 Holding Ltd purchased a new stake in shares of Cipher Mining during the 4th quarter worth $452,713,000. Lone Pine Capital LLC acquired a new stake in Cipher Mining in the fourth quarter valued at $10,878,000. Helix Partners Management LP acquired a new stake in Cipher Mining in the fourth quarter valued at $10,426,000. Driehaus Capital Management LLC purchased a new stake in Cipher Mining during the 4th quarter worth about $9,439,000. Finally, Tidal Investments LLC boosted its position in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.