Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.14 Consensus PT from Analysts

Cipher Mining Inc. (NASDAQ:CIFR) has been given an average rating of “Buy” by the twelve research firms that are presently covering the company, Marketbeat reports. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $8.14.

Several brokerages have issued reports on CIFR. Northland Securities increased their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, January 31st. BTIG Research upped their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Cantor Fitzgerald cut their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $5.49 on Friday. The company’s fifty day simple moving average is $5.50 and its 200-day simple moving average is $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. Cipher Mining has a 52 week low of $2.65 and a 52 week high of $7.99. The company has a market cap of $1.91 billion, a PE ratio of -42.23 and a beta of 2.41.

Institutional Trading of Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. V3 Holding Ltd bought a new position in Cipher Mining during the fourth quarter worth $452,713,000. Vanguard Group Inc. grew its position in Cipher Mining by 7.0% in 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 increased its holdings in shares of 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 purchasing an additional 1,019,949 shares during the period. Invesco Ltd. lifted its stake in shares of Cipher Mining by 16.7% in the fourth 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 period. Finally, Geode Capital Management LLC grew its position in Cipher Mining by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock worth $26,583,000 after buying an additional 218,137 shares in the last quarter. 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.