Cipher Mining Inc. (NASDAQ:CIFR) Given Consensus Recommendation of “Buy” by Brokerages

Cipher Mining Inc. (NASDAQ:CIFR) has earned a consensus rating of “Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $8.13.

A number of equities analysts have weighed in on CIFR shares. Needham & Company LLC reduced their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research report on Wednesday, February 26th. Cantor Fitzgerald cut their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Rosenblatt Securities assumed coverage on Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 price objective for the company. Finally, Northland Securities increased their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Cipher Mining Trading Down 2.7 %

NASDAQ:CIFR opened at $2.92 on Tuesday. Cipher Mining has a twelve month low of $2.66 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. The business has a 50 day moving average price of $4.74 and a two-hundred day moving average price of $5.00. The company has a market cap of $1.07 billion, a P/E ratio of -22.46 and a beta of 2.47.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC lifted its holdings in Cipher Mining by 90.4% during the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company’s stock valued at $932,000 after purchasing an additional 95,400 shares during the last quarter. State Street Corp lifted its holdings in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Paloma Partners Management Co acquired a new stake in Cipher Mining during the 3rd quarter valued at $4,029,000. Finally, Charles Schwab Investment Management Inc. increased its position in Cipher Mining by 33.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company’s stock worth $14,568,000 after buying an additional 783,509 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.