Cipher Mining (NASDAQ:CIFR) Sees Large Volume Increase - Here's Why

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares saw an uptick in trading volume on Thursday . 18,655,849 shares changed hands during mid-day trading, an increase of 30% from the previous session's volume of 14,364,556 shares.The stock last traded at $6.08 and had previously closed at $5.68.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent research reports. Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Canaccord Genuity Group reiterated a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research report on Thursday, May 8th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $7.63.

Cipher Mining Price Performance

The business has a 50-day moving average of $3.60 and a two-hundred day moving average of $4.05. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01. The firm has a market cap of $2.00 billion, a P/E ratio of -16.57 and a beta of 2.72.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. The company had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. On average, sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in shares of Cipher Mining in the 4th quarter worth about $29,000. Stoneridge Investment Partners LLC bought a new stake in Cipher Mining in the first quarter worth approximately $29,000. FNY Investment Advisers LLC increased its holdings in Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after purchasing an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of Cipher Mining during the 1st quarter worth approximately $37,000. Finally, Rafferty Asset Management LLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at $49,000. Institutional investors and hedge funds own 12.26% of the company's stock.

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.

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