Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $3.51, but opened at $3.65. Cipher Mining shares last traded at $3.60, with a volume of 3,452,183 shares.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CIFR shares. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research report on Wednesday, May 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Thursday, May 8th. Cantor Fitzgerald lowered their price objective on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Finally, HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. One investment 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $8.03.

Cipher Mining Stock Performance

The firm's 50 day simple moving average is $2.85 and its 200 day simple moving average is $4.52. The firm has a market cap of $1.19 billion, a PE ratio of -27.37 and a beta of 2.61. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting analysts' consensus estimates of ($0.11). The company had revenue of $48.96 million for the quarter, compared to the consensus estimate of $53.57 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. On average, research analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its position in Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Cipher Mining in the fourth quarter worth about $29,000. KBC Group NV purchased a new stake in Cipher Mining during the fourth quarter valued at approximately $46,000. Rafferty Asset Management LLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at approximately $49,000. Finally, Apollon Wealth Management LLC purchased a new position in shares of Cipher Mining in the 4th quarter worth approximately $49,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.