Cipher Mining (NASDAQ:CIFR) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. cut shares of Cipher Mining (NASDAQ:CIFR) from an overweight rating to a neutral rating in a research report sent to investors on Thursday, MarketBeat Ratings reports.

CIFR has been the subject of a number of other research reports. Needham & Company LLC dropped their target price on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Rosenblatt Securities assumed coverage on Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 price objective for the company. Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.13.

Cipher Mining Trading Up 0.3 %

CIFR stock opened at $3.04 on Thursday. The company has a market cap of $1.12 billion, a P/E ratio of -23.38 and a beta of 2.47. Cipher Mining has a twelve month low of $2.65 and a twelve month high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $4.96 and a 200-day moving average of $5.01.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. V3 Holding Ltd acquired a new position in Cipher Mining in the fourth quarter valued at about $452,713,000. Vanguard Group Inc. boosted its position in shares of Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock worth $84,318,000 after buying an additional 1,189,756 shares during the period. State Street Corp boosted its position in shares of Cipher Mining by 17.3% during the third 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. boosted its position in shares of Cipher Mining by 16.7% during the fourth quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock worth $29,899,000 after buying an additional 924,262 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of 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 during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.