Cipher Mining (NASDAQ:CIFR) Given Buy Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday morning,Benzinga reports. HC Wainwright currently has a $8.00 target price on the stock.

CIFR has been the topic of a number of other reports. Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. BTIG Research raised their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Trading Up 2.8 %

Shares of NASDAQ CIFR opened at $4.08 on Wednesday. The company’s fifty day moving average is $5.28 and its 200-day moving average is $5.03. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -31.38 and a beta of 2.41. Cipher Mining has a twelve month low of $2.65 and a twelve month high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. State Street Corp increased its stake in shares of Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Paloma Partners Management Co acquired a new position in shares of Cipher Mining during the 3rd quarter worth about $4,029,000. The Manufacturers Life Insurance Company increased its stake in shares of Cipher Mining by 47.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after purchasing an additional 31,815 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Cipher Mining by 377.2% during the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock worth $1,147,000 after purchasing an additional 234,366 shares during the last quarter. 12.26% of the stock is currently 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.