Cipher Mining (NASDAQ:CIFR) Earns “Buy” Rating from Canaccord Genuity Group

Cipher Mining (NASDAQ:CIFR)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity Group in a research note issued to investors on Thursday, Benzinga reports. They presently have a $5.50 target price on the stock. Canaccord Genuity Group’s price target points to a potential upside of 8.06% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. HC Wainwright reissued a “buy” rating and issued a $4.50 target price on shares of Cipher Mining in a research report on Tuesday, March 5th. Needham & Company LLC reissued a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Monday, March 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Thursday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.25.

Cipher Mining Stock Down 4.5 %

Shares of NASDAQ:CIFR traded down $0.24 during midday trading on Thursday, hitting $5.09. 10,133,942 shares of the company’s stock traded hands, compared to its average volume of 9,387,331. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company has a market cap of $1.51 billion, a PE ratio of -50.89 and a beta of 2.06. The firm’s fifty day moving average price is $3.39 and its two-hundred day moving average price is $3.18. Cipher Mining has a twelve month low of $1.76 and a twelve month high of $5.75.

Institutional Trading of Cipher Mining

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Cipher Mining by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 3,492,636 shares of the company’s stock worth $14,425,000 after acquiring an additional 177,676 shares during the period. BlackRock Inc. lifted its stake in Cipher Mining by 18.5% during the second quarter. BlackRock Inc. now owns 2,433,554 shares of the company’s stock valued at $6,960,000 after purchasing an additional 379,931 shares during the last quarter. First Financial Bankshares Inc acquired a new stake in Cipher Mining during the fourth quarter valued at approximately $9,901,000. State Street Corp lifted its stake in Cipher Mining by 208.0% during the second quarter. State Street Corp now owns 2,197,387 shares of the company’s stock valued at $6,285,000 after purchasing an additional 1,483,836 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Cipher Mining by 40.3% during the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock valued at $8,130,000 after purchasing an additional 564,956 shares during the last quarter. 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.