Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $4.05

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $4.05, but opened at $4.32. Cipher Mining shares last traded at $4.12, with a volume of 1,707,953 shares traded.

Analyst Ratings Changes

A number of brokerages recently issued reports on CIFR. Needham & Company LLC reiterated a "buy" rating and set a $5.00 target price on shares of Cipher Mining in a research report on Monday, March 18th. Canaccord Genuity Group restated a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, HC Wainwright restated a "buy" rating and issued a $4.50 price objective on shares of Cipher Mining in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $5.25.

Cipher Mining Stock Performance

The firm's 50-day moving average price is $3.69 and its 200 day moving average price is $3.28. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -42.90 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. The company had revenue of $43.42 million during the quarter, compared to analysts' expectations of $35.73 million. On average, sell-side analysts anticipate that Cipher Mining Inc. will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. First Financial Bankshares Inc acquired a new stake in shares of Cipher Mining during the 4th quarter worth approximately $9,901,000. State Street Corp boosted its stake in Cipher Mining by 208.0% during the 2nd quarter. State Street Corp now owns 2,197,387 shares of the company's stock worth $6,285,000 after acquiring an additional 1,483,836 shares during the last quarter. Vanguard Group Inc. boosted its stake in Cipher Mining by 103.8% during the 1st quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company's stock worth $6,891,000 after acquiring an additional 964,326 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Cipher Mining by 1,738.2% during the 4th quarter. Renaissance Technologies LLC now owns 645,200 shares of the company's stock worth $361,000 after acquiring an additional 610,100 shares during the last quarter. Finally, Shariaportfolio Inc. bought a new position in Cipher Mining during the 4th quarter worth approximately $2,460,000. Institutional investors and hedge funds 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.