Cipher Mining (NASDAQ:CIFR) Stock Price Up 5.8% - Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares rose 5.8% during trading on Monday . The company traded as high as $4.48 and last traded at $4.51. Approximately 3,513,057 shares traded hands during trading, a decline of 79% from the average daily volume of 17,094,797 shares. The stock had previously closed at $4.26.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Cantor Fitzgerald raised 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, June 5th. Rosenblatt Securities restated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining currently has an average rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Up 3.3%

The business's 50 day simple moving average is $3.55 and its 200 day simple moving average is $4.04. The company has a market capitalization of $1.70 billion, a PE ratio of -13.95 and a beta of 2.72. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01.

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

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the business. V3 Holding Ltd purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $452,713,000. Vanguard Group Inc. boosted its stake in shares of 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 buying an additional 1,189,756 shares during the period. Invesco Ltd. grew its holdings in shares of Cipher Mining by 16.7% during the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company's stock valued at $29,899,000 after acquiring an additional 924,262 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cipher Mining by 4.0% in the fourth quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company's stock worth $26,583,000 after acquiring an additional 218,137 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in shares of Cipher Mining by 11.9% during the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after acquiring an additional 503,694 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.