Cipher Mining (NASDAQ:CIFR) Shares Up 2.4%

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares shot up 2.4% during trading on Wednesday . The stock traded as high as $4.42 and last traded at $4.30. 2,275,591 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 9,053,765 shares. The stock had previously closed at $4.20.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of recent analyst reports. HC Wainwright restated a "buy" rating and issued a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 price target on shares of Cipher Mining in a report on Thursday, March 28th. Canaccord Genuity Group restated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Monday, March 18th. One research 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $5.25.

Cipher Mining Trading Up 0.2 %

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 business's 50-day simple moving average is $3.71 and its two-hundred day simple moving average is $3.30. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -42.10 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its 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 net margin of 20.32% and a negative return on equity of 6.78%. The business had revenue of $43.42 million for the quarter, compared to the consensus estimate of $35.73 million. On average, research analysts anticipate that Cipher Mining Inc. will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Financial Bankshares Inc purchased a new stake in shares of Cipher Mining during the 4th quarter valued at about $9,901,000. State Street Corp grew its position in Cipher Mining by 208.0% in the second quarter. State Street Corp now owns 2,197,387 shares of the company's stock valued at $6,285,000 after acquiring an additional 1,483,836 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Cipher Mining by 103.8% during the first quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company's stock valued at $6,891,000 after purchasing an additional 964,326 shares during the period. Renaissance Technologies LLC lifted its position in shares of Cipher Mining by 1,738.2% during the fourth quarter. Renaissance Technologies LLC now owns 645,200 shares of the company's stock worth $361,000 after purchasing an additional 610,100 shares in the last quarter. Finally, Shariaportfolio Inc. purchased a new position in shares of Cipher Mining in the fourth quarter valued at $2,460,000. Institutional investors and hedge funds 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.