Cipher Mining (NASDAQ:CIFR) Trading Up 4.8%

Cipher Mining Inc. (NASDAQ:CIFR) shares were up 4.8% during trading on Wednesday . The stock traded as high as $3.52 and last traded at $3.52. Approximately 3,047,447 shares changed hands 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

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

Cipher Mining Trading Up 4.3 %

The firm has a 50-day moving average price of $3.86 and a 200-day moving average price of $3.35. The stock has a market cap of $1.14 billion, a PE ratio of -38.90 and a beta of 2.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. The company had revenue of $43.42 million during the quarter, compared to the consensus estimate of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. As a group, equities analysts anticipate that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

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