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

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

Several other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Canaccord Genuity Group restated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th. Cantor Fitzgerald reduced their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. BTIG Research raised their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Rosenblatt Securities assumed coverage on shares of Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective for the company. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and an average target price of $8.13.

Cipher Mining Stock Performance

Shares of CIFR opened at $3.20 on Thursday. The firm has a 50-day moving average price of $5.05 and a 200 day moving average price of $5.02. The firm has a market capitalization of $1.18 billion, a PE ratio of -24.61 and a beta of 2.47. 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.

Institutional Trading of Cipher Mining

Hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its position in shares of Cipher Mining by 912.9% in 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 in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $29,000. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining in the third quarter worth approximately $33,000. KBC Group NV purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $46,000. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $49,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.