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

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

A number of other brokerages also recently commented on CIFR. Macquarie upped their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a report on Wednesday. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Cantor Fitzgerald decreased their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Finally, Northland Securities increased their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $8.31.

Cipher Mining Trading Up 2.0 %

NASDAQ CIFR opened at $4.18 on Wednesday. The stock has a market cap of $1.45 billion, a PE ratio of -32.15 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’s 50-day moving average price is $5.35 and its 200-day moving average price is $5.04. 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. V3 Holding Ltd purchased a new stake in shares of Cipher Mining during the fourth quarter valued at about $452,713,000. Lone Pine Capital LLC purchased a new stake in Cipher Mining during the fourth quarter valued at approximately $10,878,000. Helix Partners Management LP purchased a new stake in Cipher Mining during the fourth quarter valued at approximately $10,426,000. Driehaus Capital Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $9,439,000. Finally, Tidal Investments LLC grew its holdings in Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. Hedge funds and other institutional investors 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.