Cipher Mining (NASDAQ:CIFR) Downgraded to “Neutral” Rating by JPMorgan Chase & Co.

Cipher Mining (NASDAQ:CIFR) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports.

Several other research analysts also recently weighed in on CIFR. Cantor Fitzgerald decreased their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Northland Securities upped their target price 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. Needham & Company LLC decreased their target price 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, February 26th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining currently has an average rating of “Buy” and an average target price of $8.13.

Cipher Mining Price Performance

CIFR opened at $3.20 on Thursday. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a 52-week low of $2.65 and a 52-week high of $7.99. The company has a 50 day moving average of $5.05 and a two-hundred day moving average of $5.02. The company has a market cap of $1.18 billion, a P/E ratio of -24.61 and a beta of 2.47.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its holdings in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $29,000. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the third quarter worth $33,000. KBC Group NV bought a new position in shares of Cipher Mining during the fourth quarter worth about $46,000. Finally, Apollon Wealth Management LLC bought a new position in shares of Cipher Mining during the fourth quarter worth about $49,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.