Canaccord Genuity Group Reaffirms “Buy” Rating for Cipher Mining (NASDAQ:CIFR)

Canaccord Genuity Group reiterated their buy rating on shares of Cipher Mining (NASDAQ:CIFR) in a report published on Wednesday morning,Benzinga reports. They currently have a $8.00 price target on the stock.

CIFR has been the subject of several other research reports. Northland Securities boosted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. JPMorgan Chase & Co. raised shares of 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. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday. Finally, Needham & Company LLC reduced their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. Ten equities research analysts have rated the stock with a buy rating and two have assigned 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

Shares of NASDAQ:CIFR opened at $4.08 on Wednesday. The company has a 50 day moving average of $5.28 and a 200 day moving average of $5.03. The stock has a market cap of $1.42 billion, a P/E ratio of -31.38 and a beta of 2.41. Cipher Mining has a 12 month low of $2.65 and a 12 month high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently made changes to their positions in CIFR. Nisa Investment Advisors LLC grew its holdings in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Cipher Mining during the 4th quarter valued at $29,000. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining during the 3rd quarter valued at $33,000. W Advisors LLC bought a new position in shares of Cipher Mining during the 3rd quarter valued at $45,000. Finally, KBC Group NV bought a new position in shares of Cipher Mining during the 4th quarter valued at $46,000. 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.