Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $5.50

Shares of Cipher Mining Inc. (NASDAQ:CIFRGet Free Report) have earned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $5.50.

Several brokerages have issued reports on CIFR. Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Friday, May 17th. Canaccord Genuity Group restated a “buy” rating and issued a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, HC Wainwright boosted their target price on Cipher Mining from $4.50 to $5.50 and gave the company a “buy” rating in a report on Tuesday, May 7th.

View Our Latest Stock Report on Cipher Mining

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the business. First Financial Bankshares Inc acquired a new stake in Cipher Mining in the fourth quarter valued at $9,901,000. Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after buying an additional 1,090,811 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Cipher Mining by 38.9% in the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after buying an additional 765,238 shares during the last quarter. Finally, Shariaportfolio Inc. purchased a new position in shares of Cipher Mining during the fourth quarter valued at approximately $2,460,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Stock Down 2.2 %

CIFR opened at $4.00 on Wednesday. The stock has a market capitalization of $1.24 billion, a P/E ratio of 66.68 and a beta of 2.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08. Cipher Mining has a one year low of $2.15 and a one year high of $5.75. The business’s 50-day simple moving average is $4.21 and its 200-day simple moving average is $3.56.

Cipher Mining (NASDAQ:CIFRGet Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The company had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. Analysts anticipate that Cipher Mining will post -0.01 EPS for the current year.

About Cipher Mining

(Get Free Report

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.

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