Cipher Mining (NASDAQ:CIFR) Shares Up 7.2% - Time to Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) traded up 7.2% during trading on Tuesday . The stock traded as high as $3.80 and last traded at $3.79. 4,918,142 shares traded hands during trading, a decline of 62% from the average session volume of 12,954,835 shares. The stock had previously closed at $3.53.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CIFR. JPMorgan Chase & Co. downgraded shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Thursday, May 8th. Cantor Fitzgerald boosted their price target on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned 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.

Cipher Mining Trading Up 1.3%

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -11.79 and a beta of 2.58. The business's 50-day moving average price is $3.42 and its 200 day moving average price is $4.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.11 and a quick ratio of 1.11.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting analysts' consensus estimates of ($0.11). The firm had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. On average, equities analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $29,000. Stoneridge Investment Partners LLC bought a new position in Cipher Mining during the 1st quarter worth $29,000. FNY Investment Advisers LLC increased its position in Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after buying an additional 4,800 shares during the period. Valeo Financial Advisors LLC bought a new stake in shares of Cipher Mining during the 1st quarter worth $37,000. Finally, Rafferty Asset Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter worth $49,000. Institutional investors and hedge funds own 12.26% of the company's stock.

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.