Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $3.81, but opened at $3.96. Cipher Mining shares last traded at $3.88, with a volume of 3,711,331 shares changing hands.

Analyst Ratings Changes

Several research analysts recently commented on CIFR shares. JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Needham & Company LLC decreased their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Cantor Fitzgerald lifted their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Rosenblatt Securities restated a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Finally, HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $7.63.

Cipher Mining Stock Down 0.5%

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's 50 day simple moving average is $3.27 and its two-hundred day simple moving average is $4.19. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -10.53 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, hitting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The business had revenue of $48.96 million during the quarter, compared to analysts' expectations of $53.57 million. On average, equities analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in Cipher Mining in the 4th quarter valued at about $29,000. Stoneridge Investment Partners LLC bought a new position in Cipher Mining in the 1st quarter valued at about $29,000. FNY Investment Advisers LLC increased its holdings 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 period. Valeo Financial Advisors LLC bought a new position in Cipher Mining in the 1st quarter valued at about $37,000. Finally, Rafferty Asset Management LLC bought a new position in Cipher Mining in the 4th quarter valued at about $49,000. 12.26% of the stock is owned by institutional investors.

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.