Cipher Mining’s (CIFR) Buy Rating Reiterated at HC Wainwright

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $8.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 95.12% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. Macquarie increased their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Securities increased their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, BTIG Research lifted their price target on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Price Performance

NASDAQ:CIFR opened at $4.10 on Wednesday. Cipher Mining has a 12-month low of $2.65 and a 12-month high of $7.99. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -31.54 and a beta of 2.41. The company’s 50-day moving average is $5.45 and its two-hundred day moving average is $5.04. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Trading of Cipher Mining

A number of institutional investors have recently modified their holdings of CIFR. SG Americas Securities LLC purchased a new position in Cipher Mining in the third quarter valued at approximately $49,000. Creative Planning grew its stake in Cipher Mining by 106.0% during the third quarter. Creative Planning now owns 51,492 shares of the company’s stock worth $188,000 after buying an additional 26,498 shares during the period. Private Advisor Group LLC increased its position in shares of Cipher Mining by 43.5% in the third quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock worth $408,000 after acquiring an additional 32,000 shares in the last quarter. Strategic Blueprint LLC raised its stake in shares of Cipher Mining by 33.3% in the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after acquiring an additional 5,000 shares during the period. Finally, Sippican Capital Advisors purchased a new position in shares of Cipher Mining in the 3rd quarter valued at $72,000. Hedge funds and other 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.