Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.13 Consensus Target Price from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) have earned an average rating of "Buy" from the thirteen analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $8.13.

Several research firms recently issued reports on CIFR. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Needham & Company LLC lowered their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating on the stock.

Cipher Mining Stock Down 4.9 %

NASDAQ CIFR traded down $0.12 during trading on Friday, reaching $2.32. The company's stock had a trading volume of 7,555,974 shares, compared to its average volume of 10,678,649. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $852.90 million, a PE ratio of -17.84 and a beta of 2.65. Cipher Mining has a 1-year low of $1.86 and a 1-year high of $7.99. The business has a 50-day moving average price of $3.72 and a 200-day moving average price of $4.90.

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Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its position in Cipher Mining by 47.4% in 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. FMR LLC lifted its stake in shares of Cipher Mining by 598.6% in the third quarter. FMR LLC now owns 33,233 shares of the company's stock valued at $129,000 after buying an additional 28,476 shares during the period. Verition Fund Management LLC grew its position in Cipher Mining by 30.7% during the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock worth $51,000 after buying an additional 3,086 shares in the last quarter. State Street Corp increased its stake in Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company's stock valued at $26,777,000 after acquiring an additional 1,019,949 shares during the period. Finally, Barclays PLC increased its stake in Cipher Mining by 377.2% during the third quarter. Barclays PLC now owns 296,493 shares of the company's stock valued at $1,147,000 after acquiring an additional 234,366 shares during the period. Institutional investors 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.