Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $3.84

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $3.84, but opened at $4.03. Cipher Mining shares last traded at $4.17, with a volume of 2,868,371 shares traded.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Canaccord Genuity Group reissued a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a report on Thursday, March 28th. Needham & Company LLC reaffirmed a "buy" rating and set a $5.00 price target on shares of Cipher Mining in a research note on Monday. Cantor Fitzgerald reiterated 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 reissued a "buy" rating and set a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $5.25.

Cipher Mining Trading Up 18.8 %

The business has a 50 day moving average of $3.87 and a 200 day moving average of $3.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -45.50 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The company had revenue of $43.42 million during the quarter, compared to analysts' expectations of $35.73 million. As a group, research analysts predict that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sloy Dahl & Holst LLC acquired a new stake in Cipher Mining during the 4th quarter worth $44,000. New York State Common Retirement Fund increased its holdings in shares of Cipher Mining by 104.9% in the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company's stock worth $25,000 after acquiring an additional 5,592 shares in the last quarter. Wolverine Asset Management LLC bought a new position in shares of Cipher Mining during the 4th quarter valued at about $49,000. Bellecapital International Ltd. acquired a new position in shares of Cipher Mining in the 4th quarter valued at approximately $51,000. Finally, Calamos Advisors LLC bought a new stake in Cipher Mining during the 4th quarter worth approximately $52,000. 12.26% of the stock is owned by 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.