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

Cipher Mining Inc. (NASDAQ:CIFR) has been given a consensus rating of “Buy” by the thirteen brokerages that are covering the company, Marketbeat.com reports. One equities research 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 objective among brokerages that have issued a report on the stock in the last year is $8.13.

Several analysts have weighed in on CIFR shares. 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. Canaccord Genuity Group reissued a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th.

Institutional Trading of Cipher Mining

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its stake in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares in the last quarter. NewEdge Advisors LLC bought a new stake in Cipher Mining during the 4th quarter worth approximately $29,000. KBC Group NV bought a new stake in Cipher Mining during the 4th quarter worth approximately $46,000. Rafferty Asset Management LLC bought a new stake in Cipher Mining during the 4th quarter worth approximately $49,000. Finally, Apollon Wealth Management LLC bought a new stake in Cipher Mining during the 4th quarter worth approximately $49,000. 12.26% of the stock is owned by institutional investors.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $2.92 on Tuesday. The stock has a market capitalization of $1.07 billion, a P/E ratio of -22.46 and a beta of 2.47. Cipher Mining has a 1-year low of $2.66 and a 1-year high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $4.74 and a two-hundred day moving average price of $5.00.

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.