Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.13 Consensus Target Price from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have been given an average recommendation of “Buy” by the thirteen brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $8.13.

Several brokerages have issued reports on CIFR. Keefe, Bruyette & Woods began coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research report on Wednesday, February 26th. Needham & Company LLC lowered their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Cantor Fitzgerald reduced their target price 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. Finally, Rosenblatt Securities started coverage on Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 target price for the company.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently made changes to their positions in CIFR. Nisa Investment Advisors LLC lifted its stake in Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares during the period. NewEdge Advisors LLC bought a new stake in shares of Cipher Mining during the 4th quarter valued at about $29,000. KBC Group NV purchased a new position in shares of Cipher Mining during the fourth quarter valued at about $46,000. Apollon Wealth Management LLC purchased a new position in shares of Cipher Mining during the fourth quarter valued at about $49,000. Finally, Rafferty Asset Management LLC bought a new position in Cipher Mining in the fourth quarter worth about $49,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $2.44 on Friday. The company has a market capitalization of $897.01 million, a P/E ratio of -18.77 and a beta of 2.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $7.99. The company has a fifty day moving average of $3.72 and a 200-day moving average of $4.90.

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.