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

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a research report issued on Wednesday,Benzinga reports. They currently have a $8.00 target price on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 101.51% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. Cantor Fitzgerald reduced their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Needham & Company LLC reduced their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Price Performance

NASDAQ:CIFR opened at $3.97 on Wednesday. The business’s 50-day moving average is $5.31 and its 200 day moving average is $5.03. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. 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 $1.38 billion, a P/E ratio of -30.54 and a beta of 2.41.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new position in Cipher Mining in the third quarter worth approximately $49,000. Creative Planning grew its stake in Cipher Mining by 106.0% in the third quarter. Creative Planning now owns 51,492 shares of the company’s stock worth $188,000 after purchasing an additional 26,498 shares in the last quarter. Private Advisor Group LLC grew its stake in Cipher Mining by 43.5% in the third quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock worth $408,000 after purchasing an additional 32,000 shares in the last quarter. Strategic Blueprint LLC grew its stake in Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Sippican Capital Advisors bought a new position in Cipher Mining in the third quarter worth approximately $72,000. Institutional investors own 12.26% of the company’s stock.

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.