Needham & Company LLC Cuts Cipher Mining (NASDAQ:CIFR) Price Target to $7.00

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

Several other analysts have also issued reports on CIFR. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a report on Wednesday. BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald cut their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and an average target price of $8.31.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $4.08 on Wednesday. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 1 year low of $2.65 and a 1 year high of $7.99. The business has a fifty day simple moving average of $5.28 and a 200 day simple moving average of $5.03. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -31.38 and a beta of 2.41.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp grew its position in shares of Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after purchasing an additional 2,754 shares during the last quarter. GTS Securities LLC acquired a new stake in shares of Cipher Mining in the fourth quarter valued at about $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cipher Mining by 71.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after purchasing an additional 153,921 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Cipher Mining in the fourth quarter valued at about $5,378,000. Finally, Vennlight Capital Management LP acquired a new stake in shares of Cipher Mining in the fourth quarter valued at about $1,370,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.