HC Wainwright Reaffirms Buy Rating for Cipher Mining (NASDAQ:CIFR)

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

CIFR has been the subject of several other research reports. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Macquarie raised their price target on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Northland Securities upped their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Price Performance

Cipher Mining stock opened at $4.10 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The business has a 50 day simple moving average of $5.45 and a 200-day simple moving average of $5.04. Cipher Mining has a 12 month low of $2.65 and a 12 month high of $7.99. The stock has a market capitalization of $1.43 billion, a PE ratio of -31.54 and a beta of 2.41.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CIFR. SG Americas Securities LLC acquired a new stake in Cipher Mining in the 3rd quarter valued at about $49,000. Creative Planning lifted its holdings in shares of Cipher Mining by 106.0% in the third quarter. Creative Planning now owns 51,492 shares of the company’s stock valued at $188,000 after purchasing an additional 26,498 shares in the last quarter. Private Advisor Group LLC grew 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 valued at $408,000 after purchasing an additional 32,000 shares during the last quarter. Strategic Blueprint LLC increased its stake in shares of Cipher Mining by 33.3% during the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Sippican Capital Advisors acquired a new position in shares of Cipher Mining during the 3rd quarter worth approximately $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.