Cipher Mining (NASDAQ:CIFR) Sees Unusually-High Trading Volume - Should You Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 50,966,322 shares were traded during trading, an increase of 284% from the previous session's volume of 13,267,179 shares.The stock last traded at $4.17 and had previously closed at $3.85.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CIFR shares. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Rosenblatt Securities reissued a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a research report on Wednesday, May 7th. Cantor Fitzgerald lifted 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 research report on Thursday, March 13th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $7.63.

Cipher Mining Stock Up 1.7%

The firm has a market capitalization of $1.43 billion, a P/E ratio of -11.83 and a beta of 2.58. The firm's 50-day moving average is $3.45 and its 200 day moving average is $4.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the 4th quarter valued at $29,000. Rafferty Asset Management LLC acquired a new stake in Cipher Mining in the 4th quarter valued at $49,000. Captrust Financial Advisors acquired a new stake in Cipher Mining in the 4th quarter valued at $54,000. Stoneridge Investment Partners LLC acquired a new stake in Cipher Mining in the 1st quarter valued at $29,000. Finally, GTS Securities LLC acquired a new stake in Cipher Mining in the 4th quarter valued at $60,000. 12.26% of the stock is currently 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.