Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $4.14

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $4.14, but opened at $4.30. Cipher Mining shares last traded at $4.34, with a volume of 1,190,097 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Needham & Company LLC restated a "buy" rating and set a $5.00 price objective on shares of Cipher Mining in a research note on Monday, April 22nd. HC Wainwright reissued a "buy" rating and set a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a research note on Thursday, March 28th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $5.00 price target on shares of Cipher Mining in a research note on Thursday, March 28th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $5.25.

Cipher Mining Stock Up 8.0 %

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 stock has a market cap of $1.33 billion, a PE ratio of -44.70 and a beta of 2.32. The business has a fifty day moving average of $4.02 and a 200-day moving average of $3.51.

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

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in the stock. First Financial Bankshares Inc purchased a new stake in Cipher Mining in the 4th quarter valued at about $9,901,000. Van ECK Associates Corp increased its stake in shares of Cipher Mining by 38.9% in the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company's stock worth $14,079,000 after buying an additional 765,238 shares during the last quarter. Shariaportfolio Inc. acquired a new position in Cipher Mining in the fourth quarter worth about $2,460,000. Exchange Traded Concepts LLC raised its position in shares of Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company's stock valued at $2,862,000 after acquiring an additional 358,897 shares in the last quarter. Finally, Hel Ved Capital Management Ltd bought a new stake in shares of Cipher Mining during the 4th quarter valued at about $1,310,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.