Brokerages Set Cipher Mining Inc. (NASDAQ:CIFR) Target Price at $8.14

Shares of Cipher Mining Inc. (NASDAQ:CIFR) have earned a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the firm, MarketBeat reports. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $8.14.

Several equities research analysts have weighed in on CIFR shares. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. Northland Securities lifted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald lowered their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. V3 Holding Ltd acquired a new position in Cipher Mining during the fourth quarter worth $452,713,000. Lone Pine Capital LLC purchased a new position in shares of Cipher Mining in the fourth quarter valued at $10,878,000. Helix Partners Management LP acquired a new position in shares of Cipher Mining during the 4th quarter worth $10,426,000. Driehaus Capital Management LLC acquired a new stake in Cipher Mining in the 4th quarter valued at about $9,439,000. Finally, Tidal Investments LLC raised its position in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $5.49 on Friday. The firm’s fifty day moving average is $5.50 and its two-hundred day moving average is $5.04. 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 P/E ratio of -42.23 and a beta of 2.41. 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 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.