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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given a consensus recommendation of “Buy” by the thirteen research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $8.13.

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

Cipher Mining Price Performance

Cipher Mining stock opened at $3.20 on Tuesday. Cipher Mining has a 1 year low of $2.66 and a 1 year high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a 50 day moving average price of $4.70 and a 200 day moving average price of $5.01. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -24.61 and a beta of 2.47.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. V3 Holding Ltd bought a new stake in Cipher Mining in the fourth quarter worth about $452,713,000. Vanguard Group Inc. lifted its holdings in shares of Cipher Mining by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock valued at $84,318,000 after purchasing an additional 1,189,756 shares in the last quarter. State Street Corp lifted its stake in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares in the last quarter. Invesco Ltd. boosted its position in Cipher Mining by 16.7% during the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock worth $29,899,000 after acquiring an additional 924,262 shares during the period. Finally, Geode Capital Management LLC increased its stake in Cipher Mining by 4.0% in the 4th 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. Institutional investors 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.