Needham & Company LLC Issues Pessimistic Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price objective reduced by Needham & Company LLC from $7.50 to $7.00 in a research report report published on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods began coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Cantor Fitzgerald cut their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Northland Securities raised their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and a consensus target price of $8.31.

Cipher Mining Stock Up 2.8 %

CIFR stock opened at $4.08 on Wednesday. Cipher Mining has a twelve month low of $2.65 and a twelve month high of $7.99. The company has a market cap of $1.42 billion, a PE ratio of -31.38 and a beta of 2.41. The business’s 50-day simple moving average is $5.28 and its 200 day simple moving average is $5.03. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its stake 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 acquiring an additional 5,432 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Cipher Mining in the fourth quarter valued at approximately $29,000. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining in the third quarter valued at approximately $33,000. W Advisors LLC bought a new position in shares of Cipher Mining in the third quarter valued at approximately $45,000. Finally, KBC Group NV bought a new position 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.