Cipher Mining (NASDAQ:CIFR – Get Free Report)‘s stock had its “buy” rating reissued by investment analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $5.50 target price on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 8.06% from the stock’s previous close.
CIFR has been the topic of several other reports. HC Wainwright reissued a “buy” rating and set a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. Needham & Company LLC restated a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Monday, March 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Cipher Mining in a report on Thursday. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and a consensus target price of $5.25.
Check Out Our Latest Research Report on Cipher Mining
Cipher Mining Stock Performance
Institutional Investors Weigh In On Cipher Mining
A number of institutional investors have recently modified their holdings of CIFR. Swiss National Bank increased its holdings in Cipher Mining by 7.1% in the 1st quarter. Swiss National Bank now owns 116,500 shares of the company’s stock valued at $424,000 after purchasing an additional 7,700 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Cipher Mining in the 1st quarter valued at $51,000. Cambridge Investment Research Advisors Inc. increased its stake in Cipher Mining by 32.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,750 shares of the company’s stock worth $97,000 after buying an additional 6,500 shares during the period. Citigroup Inc. increased its position in shares of Cipher Mining by 879.7% in the 1st quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock worth $376,000 after purchasing an additional 92,680 shares during the last quarter. Finally, BlackRock Inc. grew its position in shares of Cipher Mining by 14.7% during the 1st quarter. BlackRock Inc. now owns 233,677 shares of the company’s stock valued at $850,000 after buying an additional 30,031 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.
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.
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