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

Cipher Mining (NASDAQ:CIFR) had its target price trimmed by Needham & Company LLC from $7.50 to $7.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also weighed in on CIFR. 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 report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research note 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. BTIG Research upped their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Macquarie increased their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Stock Up 2.0 %

CIFR stock opened at $4.18 on Wednesday. The stock has a market capitalization of $1.45 billion, a PE ratio of -32.15 and a beta of 2.41. Cipher Mining has a 52 week low of $2.65 and a 52 week high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $5.35 and a 200 day moving average of $5.04.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the company. V3 Holding Ltd acquired a new position in shares of Cipher Mining in the 4th quarter valued at $452,713,000. Lone Pine Capital LLC purchased a new position in Cipher Mining in the fourth quarter valued at $10,878,000. Helix Partners Management LP acquired a new position in shares of Cipher Mining in the fourth quarter worth about $10,426,000. Driehaus Capital Management LLC purchased a new stake in shares of Cipher Mining during the 4th quarter worth about $9,439,000. Finally, Tidal Investments LLC grew its position in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after acquiring an additional 1,584,874 shares during the period. Institutional investors and hedge funds 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.