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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares 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 trading hands.

CIFR has been the topic of a number of other research reports. Rosenblatt Securities reiterated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lowered 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. Canaccord Genuity Group restated a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. Finally, HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $7.63.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the 4th quarter valued at about $29,000. Stoneridge Investment Partners LLC bought a new stake in shares of Cipher Mining during the first quarter valued at approximately $29,000. FNY Investment Advisers LLC grew its stake in shares of Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after purchasing an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining in the first quarter valued at approximately $37,000. Finally, KBC Group NV bought a new position in Cipher Mining in the 4th quarter worth approximately $46,000. Institutional investors 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 P/E ratio of -30.00 and a beta of 2.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm's 50-day moving average is $2.98 and its two-hundred day moving average is $4.33.

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