Cantor Fitzgerald Initiates Coverage on Cipher Mining (NASDAQ:CIFR)

Equities researchers at Cantor Fitzgerald assumed coverage on shares of Cipher Mining (NASDAQ:CIFR – Get Rating) in a research report issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $3.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 29.31% from the company’s previous close.

Several other research analysts have also commented on CIFR. Needham & Company LLC began coverage on Cipher Mining in a research report on Tuesday, February 21st. They issued a “buy” rating and a $2.70 price target for the company. HC Wainwright upgraded Cipher Mining from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $1.50 to $3.00 in a report on Tuesday, February 7th.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR traded up $0.36 on Monday, reaching $2.32. The company’s stock had a trading volume of 4,686,108 shares, compared to its average volume of 1,426,339. The company has a 50-day simple moving average of $1.45 and a 200 day simple moving average of $1.18. Cipher Mining has a 52-week low of $0.38 and a 52-week high of $3.94. The company has a market cap of $574.32 million, a P/E ratio of -14.47 and a beta of 2.09.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently added to or reduced their stakes in CIFR. American International Group Inc. bought a new stake in Cipher Mining in the second quarter worth about $25,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cipher Mining during the 4th quarter worth approximately $26,000. JPMorgan Chase & Co. boosted its holdings in Cipher Mining by 72.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock valued at $29,000 after acquiring an additional 8,896 shares during the period. Jane Street Group LLC grew its position in Cipher Mining by 373.5% in the 4th quarter. Jane Street Group LLC now owns 68,531 shares of the company’s stock valued at $38,000 after acquiring an additional 54,059 shares during the last quarter. Finally, Shaolin Capital Management LLC increased its stake in Cipher Mining by 37.7% in the fourth quarter. Shaolin Capital Management LLC now owns 86,250 shares of the company’s stock worth $48,000 after purchasing an additional 23,595 shares during the period. 10.80% of the stock is currently owned by institutional investors.

About Cipher Mining

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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.