Cipher Mining (NASDAQ:CIFR) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Cipher Mining (NASDAQ:CIFR) from an overweight rating to a neutral rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports.

Several other brokerages have also weighed in on CIFR. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Cantor Fitzgerald decreased their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Rosenblatt Securities assumed coverage on Cipher Mining in a report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, BTIG Research lifted their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Performance

CIFR opened at $3.04 on Thursday. The firm has a market capitalization of $1.12 billion, a P/E ratio of -23.38 and a beta of 2.47. The stock’s 50 day moving average price is $4.96 and its two-hundred day moving average price is $5.01. The company has a quick ratio of 2.57, a current 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.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its position 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 purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC bought a new position in Cipher Mining in the 4th quarter valued at $29,000. Farther Finance Advisors LLC bought a new position in Cipher Mining in the 3rd quarter valued at $33,000. KBC Group NV bought a new position in Cipher Mining in the 4th quarter valued at $46,000. Finally, Apollon Wealth Management LLC bought a new position in Cipher Mining in the 4th quarter valued at $49,000. 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.