Cipher Mining (NASDAQ:CIFR) Lowered to “Neutral” Rating by JPMorgan Chase & Co.

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

A number of other research analysts have also recently weighed in on the stock. Northland Securities raised their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC lowered their target price on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Rosenblatt Securities began coverage on shares of Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 target price for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $8.13.

Cipher Mining Trading Down 5.3 %

Shares of CIFR opened at $3.03 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a 50 day simple moving average of $5.01 and a 200-day simple moving average of $5.01. Cipher Mining has a 1-year low of $2.65 and a 1-year high of $7.99. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -23.31 and a beta of 2.47.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in the stock. Voya Investment Management LLC boosted its holdings in shares of Cipher Mining by 3.6% in the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock valued at $274,000 after purchasing an additional 2,036 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Cipher Mining by 17.8% during the 4th quarter. Xponance Inc. now owns 14,151 shares of the company’s stock valued at $66,000 after acquiring an additional 2,140 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Cipher Mining by 17.4% during the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock valued at $67,000 after acquiring an additional 2,149 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after acquiring an additional 2,754 shares in the last quarter. 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.