Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares gapped up before the market opened 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.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CIFR shares. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Canaccord Genuity Group reissued a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research report on Thursday, May 8th. Cantor Fitzgerald lifted their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. 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 currently has a consensus rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Performance

The stock has a 50-day moving average of $3.30 and a 200 day moving average of $4.13. The firm has a market capitalization of $1.18 billion, a P/E ratio of -9.81 and a beta of 2.58. 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 announced its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS 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, research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $29,000. Stoneridge Investment Partners LLC acquired a new position in Cipher Mining during the 1st quarter worth $29,000. FNY Investment Advisers LLC boosted 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 bought a new position in Cipher Mining in the 1st quarter valued at $37,000. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Cipher Mining in the 4th quarter valued at $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.