Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) has earned an average recommendation of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $5.25.
CIFR has been the topic of several recent research reports. Canaccord Genuity Group upped their price objective on shares of Cipher Mining from $4.00 to $4.50 and gave the company a “buy” rating in a report on Wednesday, August 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.00 price objective on shares of Cipher Mining in a report on Tuesday, September 5th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a report on Wednesday, August 9th. HC Wainwright increased their price target on shares of Cipher Mining from $3.00 to $4.50 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Finally, Compass Point increased their price target on shares of Cipher Mining from $4.00 to $5.50 in a report on Thursday, July 20th.
Check Out Our Latest Analysis on Cipher Mining
Insiders Place Their Bets
Institutional Investors Weigh In On Cipher Mining
Hedge funds have recently modified their holdings of the business. American International Group Inc. acquired a new stake in shares of Cipher Mining in the second quarter valued at about $25,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Cipher Mining in the fourth quarter valued at about $26,000. HBW Advisory Services LLC acquired a new stake in shares of Cipher Mining in the second quarter valued at about $29,000. JPMorgan Chase & Co. raised its position in shares of Cipher Mining by 72.5% in the second quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock valued at $29,000 after buying an additional 8,896 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at about $30,000. 6.70% of the stock is currently owned by institutional investors and hedge funds.
Cipher Mining Stock Up 1.8 %
CIFR stock opened at $2.87 on Friday. The firm’s fifty day simple moving average is $3.54 and its 200-day simple moving average is $2.79. The company has a market capitalization of $720.24 million, a P/E ratio of -57.40 and a beta of 2.41. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 1.09. Cipher Mining has a 12 month low of $0.38 and a 12 month high of $5.30.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings data on Tuesday, August 8th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $31.22 million for the quarter, compared to analyst estimates of $32.20 million. As a group, equities research analysts forecast that Cipher Mining will post -0.18 earnings per share for the current year.
About Cipher Mining
Cipher Mining Inc, a technology company, develops and operates 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 is a subsidiary of Bitfury Holding B.V.
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