Cipher Mining (NASDAQ:CIFR) Shares Up 8.7% - Time to Buy?

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

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of recent research reports. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Cantor Fitzgerald increased their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday. Canaccord Genuity Group reissued a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. JPMorgan Chase & Co. downgraded shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Finally, Needham & Company LLC reduced their target price on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. One research 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 company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Down 5.3%

The company has a market cap of $1.19 billion, a PE ratio of -27.23 and a beta of 2.58. The company's 50 day moving average is $2.93 and its 200 day moving average is $4.38. 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 results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $48.96 million for 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%. As a group, analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its stake 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 buying an additional 797,824 shares during the period. Private Advisor Group LLC increased its position in Cipher Mining by 90.4% during the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company's stock valued at $932,000 after purchasing an additional 95,400 shares during the period. Vanguard Group Inc. increased its position in Cipher Mining by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock valued at $84,318,000 after purchasing an additional 1,189,756 shares during the period. Federated Hermes Inc. purchased a new position in Cipher Mining during the 4th quarter valued at about $2,029,000. Finally, Charles Schwab Investment Management Inc. increased its position in Cipher Mining by 33.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company's stock valued at $14,568,000 after purchasing an additional 783,509 shares during the period. Hedge funds and other institutional investors 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.