Cipher Mining’s (CIFR) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report released on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a $8.00 target price on the stock.

Several other research analysts have also recently weighed in on the stock. Cantor Fitzgerald cut their price target 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. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a report on Tuesday, December 10th. Northland Securities boosted 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. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday. Finally, Macquarie boosted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.31.

Cipher Mining Stock Up 2.8 %

Shares of NASDAQ CIFR opened at $4.08 on Wednesday. The stock has a market capitalization of $1.42 billion, a P/E ratio of -31.38 and a beta of 2.41. The company has a 50-day moving average price of $5.28 and a 200-day moving average price of $5.03. Cipher Mining has a 1 year low of $2.65 and a 1 year high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Institutional Trading of Cipher Mining

Several hedge funds have recently added to or reduced their stakes in CIFR. Nisa Investment Advisors LLC raised its position 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 in the fourth quarter valued at approximately $29,000. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining in the third quarter valued at approximately $33,000. W Advisors LLC bought a new stake in shares of Cipher Mining in the third quarter valued at approximately $45,000. Finally, KBC Group NV bought a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $46,000. Institutional investors 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.