Cipher Mining Inc. (NASDAQ:CIFR) Receives Average Recommendation of “Buy” from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned an average recommendation of “Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $8.13.

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Needham & Company LLC lowered their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Canaccord Genuity Group restated a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Cantor Fitzgerald decreased their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently added to or reduced their stakes in CIFR. V3 Holding Ltd bought a new position in shares of Cipher Mining during the fourth quarter valued at $452,713,000. Vanguard Group Inc. raised its position in Cipher Mining by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock worth $84,318,000 after purchasing an additional 1,189,756 shares during the last quarter. State Street Corp lifted its holdings in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after buying an additional 1,019,949 shares during the period. Invesco Ltd. grew its position in shares of Cipher Mining by 16.7% in the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock valued at $29,899,000 after buying an additional 924,262 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Cipher Mining by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock valued at $26,583,000 after buying an additional 218,137 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

CIFR opened at $3.12 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a 52-week low of $2.66 and a 52-week high of $7.99. The firm has a market cap of $1.15 billion, a P/E ratio of -24.00 and a beta of 2.47. The business’s fifty day moving average is $4.91 and its 200-day moving average is $5.02.

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.