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

Cipher Mining Inc. (NASDAQ:CIFR) has been assigned an average rating of “Buy” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $8.13.

A number of research analysts have recently issued reports on CIFR shares. Canaccord Genuity Group reissued a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Rosenblatt Securities assumed coverage on Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 price target on the stock. Cantor Fitzgerald reduced 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 report on Tuesday, February 4th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th.

Institutional Trading of Cipher Mining

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

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $3.12 on Tuesday. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $1.15 billion, a PE ratio of -24.00 and a beta of 2.47. The firm has a fifty day simple moving average of $4.91 and a 200 day simple moving average of $5.02. Cipher Mining has a twelve month low of $2.66 and a twelve month 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.