Cipher Mining (NASDAQ:CIFR) Rating Reiterated by HC Wainwright

Cipher Mining (NASDAQ:CIFR – Get Rating)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report issued on Thursday, Benzinga reports. They currently have a $3.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 29.31% from the company’s previous close.

Several other equities analysts have also commented on the stock. Cantor Fitzgerald assumed coverage on shares of Cipher Mining in a report on Monday, March 13th. They issued a “buy” rating and a $3.00 price objective on the stock. Needham & Company LLC assumed coverage on shares of Cipher Mining in a research note on Tuesday, February 21st. They set a “buy” rating and a $2.70 target price on the stock.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $2.32 on Thursday. The firm’s 50 day moving average price is $1.48 and its 200-day moving average price is $1.19. Cipher Mining has a one year low of $0.38 and a one year high of $3.94. The firm has a market cap of $574.32 million, a P/E ratio of -14.50 and a beta of 2.09.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Cipher Mining by 32.3% in the 3rd quarter. Vanguard Group Inc. now owns 3,020,272 shares of the company’s stock valued at $3,806,000 after buying an additional 736,781 shares during the last quarter. State Street Corp grew its position in shares of Cipher Mining by 19.6% in the 3rd quarter. State Street Corp now owns 720,940 shares of the company’s stock valued at $908,000 after buying an additional 118,287 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Cipher Mining by 1,738.2% in the 4th quarter. Renaissance Technologies LLC now owns 645,200 shares of the company’s stock valued at $361,000 after buying an additional 610,100 shares during the last quarter. Van ECK Associates Corp boosted its stake in Cipher Mining by 30.5% during the 3rd quarter. Van ECK Associates Corp now owns 544,129 shares of the company’s stock worth $686,000 after purchasing an additional 127,088 shares during the period. Finally, Vident Investment Advisory LLC boosted its stake in Cipher Mining by 2,630.5% during the 1st quarter. Vident Investment Advisory LLC now owns 392,188 shares of the company’s stock worth $1,428,000 after purchasing an additional 377,825 shares during the period. 10.80% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

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Cipher Mining Inc, a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is based in New York, New York.