Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Price Target at $8.13

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $8.13.

A number of research analysts recently weighed in on CIFR shares. Rosenblatt Securities started coverage on shares of Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 price target on the stock. JPMorgan Chase & Co. lowered shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Canaccord Genuity Group restated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Northland Securities lifted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald reduced their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th.

Institutional Trading of Cipher Mining

Large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its position in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new position in Cipher Mining in the fourth quarter valued at $29,000. KBC Group NV acquired a new position in Cipher Mining in the fourth quarter valued at $46,000. Rafferty Asset Management LLC acquired a new position in Cipher Mining in the fourth quarter valued at $49,000. Finally, Apollon Wealth Management LLC acquired a new position in Cipher Mining in the fourth quarter valued at $49,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Down 2.0 %

CIFR stock opened at $3.00 on Tuesday. The firm has a market cap of $1.10 billion, a P/E ratio of -23.08 and a beta of 2.47. Cipher Mining has a 52-week low of $2.66 and a 52-week high of $7.99. The company’s 50-day simple moving average is $4.78 and its 200-day simple moving average is $4.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

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.