Cipher Mining (NASDAQ:CIFR – Get Free Report) had its price objective dropped by Needham & Company LLC from $7.50 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 70.73% from the company’s current price.
Several other equities research analysts have also commented on CIFR. Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reduced their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. BTIG Research lifted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.31.
View Our Latest Analysis on Cipher Mining
Cipher Mining Stock Down 17.5 %
Hedge Funds Weigh In On Cipher Mining
Several hedge funds and other institutional investors have recently modified their holdings of CIFR. V3 Holding Ltd bought a new stake in Cipher Mining in the 4th quarter valued at about $452,713,000. Lone Pine Capital LLC bought a new position in Cipher Mining in the 4th quarter worth approximately $10,878,000. Helix Partners Management LP acquired a new stake in Cipher Mining in the 4th quarter valued at approximately $10,426,000. Driehaus Capital Management LLC bought a new stake in Cipher Mining during the 4th quarter valued at $9,439,000. Finally, Tidal Investments LLC boosted its position in Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.
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.
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