Rosenblatt Securities Initiates Coverage on Cipher Mining (NASDAQ:CIFR)

Stock analysts at Rosenblatt Securities began coverage on shares of Cipher Mining (NASDAQ:CIFR) in a research note issued to investors on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $6.50 price target on the stock. Rosenblatt Securities’ price objective indicates a potential upside of 67.10% from the company’s current price.

A number of other brokerages have also commented on CIFR. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upgraded 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. Macquarie upped their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Northland Securities upped their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Eleven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $8.13.

Cipher Mining Price Performance

Shares of CIFR stock opened at $3.89 on Friday. The stock’s 50-day simple moving average is $5.14 and its 200-day simple moving average is $5.04. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -29.92 and a beta of 2.47. Cipher Mining has a fifty-two week low of $2.65 and a fifty-two week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. Nisa Investment Advisors LLC increased its holdings in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $29,000. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter valued at approximately $33,000. KBC Group NV acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $46,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Cipher Mining in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.