Cipher Mining (NASDAQ:CIFR) Trading Up 4.8%

Cipher Mining Inc. (NASDAQ:CIFR)’s share price rose 4.8% during mid-day trading on Wednesday . The stock traded as high as $3.52 and last traded at $3.52. Approximately 3,047,447 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 8,840,024 shares. The stock had previously closed at $3.36.

Wall Street Analyst Weigh In

CIFR has been the subject of several research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $5.50 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Monday, March 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The stock has a market cap of $1.14 billion, a P/E ratio of -38.90 and a beta of 2.22. The firm’s 50 day moving average is $3.86 and its 200 day moving average is $3.35.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. The firm had revenue of $43.42 million during the quarter, compared to analyst estimates of $35.73 million. Analysts anticipate that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Trading of Cipher Mining

Large investors have recently made changes to their positions in the business. New York State Common Retirement Fund boosted its holdings in Cipher Mining by 104.9% during the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after buying an additional 5,592 shares in the last quarter. American International Group Inc. purchased a new stake in Cipher Mining during the second quarter worth $25,000. The Manufacturers Life Insurance Company purchased a new stake in Cipher Mining during the third quarter worth $27,000. JPMorgan Chase & Co. lifted its holdings in Cipher Mining by 72.5% during the second quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock valued at $29,000 after purchasing an additional 8,896 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Cipher Mining during the first quarter valued at $30,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.