Cipher Mining Inc. (NASDAQ:CIFR) Receives $8.14 Average Price Target from Analysts

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have received a consensus recommendation of “Buy” from the twelve brokerages that are covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $8.31.

Several equities analysts recently issued reports on CIFR shares. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Wednesday. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Northland Securities upped their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Macquarie increased their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th.

Cipher Mining Price Performance

NASDAQ CIFR opened at $3.97 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock’s fifty day moving average price is $5.31 and its 200 day moving average price is $5.03. Cipher Mining has a 1 year low of $2.65 and a 1 year high of $7.99. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -30.54 and a beta of 2.41.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V3 Holding Ltd acquired a new stake in Cipher Mining in the 4th quarter valued at about $452,713,000. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 7.0% during the 4th 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 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 buying an additional 1,019,949 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Cipher Mining by 16.7% during the 4th 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 last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 4.0% during the 4th 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 last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.