Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.13 Average Target Price from Brokerages

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

CIFR has been the subject of several research analyst reports. Needham & Company LLC dropped their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. cut Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Northland Securities increased their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Cantor Fitzgerald cut their target price on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities started coverage on shares of Cipher Mining in a research report on Friday, March 7th. They issued a "buy" rating and a $6.50 price target on the stock.

Cipher Mining Price Performance

CIFR traded down $0.08 on Tuesday, hitting $2.92. 13,735,840 shares of the company were exchanged, compared to its average volume of 10,410,874. The business's fifty day moving average is $4.78 and its 200 day moving average is $4.99. Cipher Mining has a fifty-two week low of $2.66 and a fifty-two week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.07 billion, a P/E ratio of -22.46 and a beta of 2.47.

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Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently added to or reduced their stakes in CIFR. Nisa Investment Advisors LLC grew its holdings in Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after buying an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of Cipher Mining in the fourth quarter worth approximately $29,000. KBC Group NV purchased a new stake in Cipher Mining in the fourth quarter valued at approximately $46,000. Rafferty Asset Management LLC acquired a new position in Cipher Mining during the fourth quarter worth approximately $49,000. Finally, Apollon Wealth Management LLC acquired a new position in Cipher Mining during the fourth quarter worth approximately $49,000. 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.