Cipher Mining (NASDAQ:CIFR) Stock Rating Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Cipher Mining (NASDAQ:CIFR) from an overweight rating to a neutral rating in a report published on Thursday, Marketbeat Ratings reports.

Several other equities research analysts also recently issued reports on CIFR. Cantor Fitzgerald dropped their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Rosenblatt Securities started coverage on shares of Cipher Mining in a research report on Friday, March 7th. They issued a “buy” rating and a $6.50 target price for the company. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Northland Securities boosted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Performance

Cipher Mining stock opened at $3.03 on Thursday. Cipher Mining has a 12-month low of $2.65 and a 12-month high of $7.99. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -23.31 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 firm’s fifty day moving average price is $5.01 and its 200 day moving average price is $5.01.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its stake in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after purchasing an additional 2,754 shares during the period. GTS Securities LLC acquired a new position in Cipher Mining during the 4th quarter valued at about $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after purchasing an additional 153,921 shares during the period. Voloridge Investment Management LLC acquired a new position in Cipher Mining during the 4th quarter valued at about $5,378,000. Finally, Vennlight Capital Management LP acquired a new position in Cipher Mining during the 4th quarter valued at about $1,370,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.