Cipher Mining (NASDAQ:CIFR) Trading 8.7% Higher - Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price traded up 8.7% during mid-day trading on Wednesday . The stock traded as high as $3.74 and last traded at $3.74. 18,450,866 shares traded hands during trading, an increase of 50% from the average session volume of 12,309,726 shares. The stock had previously closed at $3.44.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a report on Wednesday, May 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining has a consensus rating of "Buy" and a consensus target price of $7.63.

Cipher Mining Price Performance

The business has a fifty day moving average of $2.98 and a 200-day moving average of $4.33. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.31 billion, a PE ratio of -30.00 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. As a group, research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently made changes to their positions in CIFR. NewEdge Advisors LLC purchased a new stake in Cipher Mining during the fourth quarter valued at about $29,000. Stoneridge Investment Partners LLC purchased a new position in shares of Cipher Mining during the 1st quarter valued at about $29,000. FNY Investment Advisers LLC lifted 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 worth $36,000 after buying an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC bought a new stake in Cipher Mining in the 1st quarter worth approximately $37,000. Finally, KBC Group NV purchased a new stake in Cipher Mining in the fourth quarter worth approximately $46,000. 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.