Cipher Mining (NASDAQ:CIFR) Shares Gap Up After Analyst Upgrade

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price gapped up prior to trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $4.00 to $6.00. The stock had previously closed at $3.74, but opened at $3.88. Cantor Fitzgerald currently has an overweight rating on the stock. Cipher Mining shares last traded at $3.70, with a volume of 5,936,821 shares changing hands.

Several other analysts also recently commented on CIFR. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a research note on Thursday, May 8th. Needham & Company LLC cut their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. 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 data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $7.63.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC acquired a new stake in Cipher Mining during the 4th quarter valued at $29,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at $29,000. FNY Investment Advisers LLC lifted its position in shares of Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after acquiring an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining during the first quarter valued at $37,000. Finally, KBC Group NV purchased a new stake in Cipher Mining during the 4th quarter worth about $46,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Stock Up 10.5%

The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -30.00 and a beta of 2.58. The firm's 50 day moving average is $2.95 and its two-hundred day moving average is $4.36. 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 quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.11). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $48.96 million during the quarter, compared to analyst estimates of $53.57 million. On average, sell-side analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

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.