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

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research report issued on Wednesday,Benzinga reports. They currently have a $8.00 price target on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 95.12% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Northland Securities increased their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Macquarie upped their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Finally, Needham & Company LLC decreased their target price on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Cipher Mining has a consensus rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Price Performance

CIFR opened at $4.10 on Wednesday. The firm has a 50-day moving average of $5.39 and a 200 day moving average of $5.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a fifty-two week low of $2.65 and a fifty-two week high of $7.99. The firm has a market cap of $1.43 billion, a P/E ratio of -31.54 and a beta of 2.41.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in Cipher Mining by 912.9% during 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 acquired a new position in Cipher Mining in the 4th quarter valued at about $29,000. Farther Finance Advisors LLC purchased a new position in Cipher Mining in the third quarter worth approximately $33,000. KBC Group NV purchased a new position in shares of Cipher Mining during the 4th quarter worth $46,000. Finally, Rafferty Asset Management LLC purchased a new position in Cipher Mining during the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.