Cipher Mining (NASDAQ:CIFR) Sees Unusually-High Trading Volume - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares saw strong trading volume on Thursday . 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 analysts have recently commented on CIFR shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Wednesday, May 7th. Needham & Company LLC cut their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of "Buy" and an average target price of $7.63.

Cipher Mining Trading Up 8.8%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11. The business's 50-day moving average price is $3.38 and its 200 day moving average price is $4.11. The company has a market cap of $1.40 billion, a P/E ratio of -11.64 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $48.96 million for the quarter, compared to analyst estimates 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, analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CIFR. NewEdge Advisors LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at about $29,000. Stoneridge Investment Partners LLC bought a new stake in Cipher Mining during the 1st quarter worth approximately $29,000. FNY Investment Advisers LLC raised its position in Cipher Mining by 42.9% in the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after buying an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at about $37,000. Finally, Rafferty Asset Management LLC purchased a new stake in Cipher Mining in the 4th quarter valued at about $49,000. Institutional investors 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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