Cipher Mining (NASDAQ:CIFR) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a research note released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a $8.00 target price on the stock.

CIFR has been the subject of several other research reports. Cantor Fitzgerald reduced their price target 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. BTIG Research upped their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. HC Wainwright restated a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research report on Wednesday. Finally, Northland Securities increased their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $8.31.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $4.18 on Wednesday. The stock has a market cap of $1.45 billion, a P/E ratio of -32.15 and a beta of 2.41. Cipher Mining has a twelve month low of $2.65 and a twelve month high of $7.99. The stock has a 50 day moving average of $5.35 and a two-hundred day moving average of $5.04. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its stake in shares of Cipher Mining by 912.9% in the fourth 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 in the last quarter. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the fourth quarter valued at $29,000. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining during the 3rd quarter worth $33,000. KBC Group NV acquired a new position in shares of Cipher Mining during the 4th quarter worth $46,000. Finally, Rafferty Asset Management LLC purchased a new position in shares of Cipher Mining in the 4th quarter valued at about $49,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.