Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $2.34, but opened at $2.45. Cipher Mining shares last traded at $2.76, with a volume of 2,956,270 shares changing hands.

Analysts Set New Price Targets

A number of research firms have commented on CIFR. Needham & Company LLC reduced their price target on Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating for the company. Cantor Fitzgerald decreased their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company 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 reissued a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $8.13.

Cipher Mining Price Performance

The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -23.69 and a beta of 2.65. The business has a 50 day simple moving average of $3.13 and a 200-day simple moving average of $4.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC grew its stake in shares of Cipher Mining by 90.4% in the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company's stock worth $932,000 after acquiring an additional 95,400 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock worth $84,318,000 after purchasing an additional 1,189,756 shares during the last quarter. JPMorgan Chase & Co. grew its position in Cipher Mining by 510.2% in the 4th quarter. JPMorgan Chase & Co. now owns 954,209 shares of the company's stock worth $4,428,000 after purchasing an additional 797,824 shares in the last quarter. Geode Capital Management LLC increased its stake in Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of Cipher Mining during the 4th quarter worth approximately $2,029,000. 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.