Cipher Mining (NASDAQ:CIFR) Stock Price Up 4.8%

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price shot up 4.8% during mid-day trading on Wednesday . The company traded as high as $3.52 and last traded at $3.52. 3,047,447 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 8,840,024 shares. The stock had previously closed at $3.36.

Analyst Ratings Changes

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

Cipher Mining Stock Up 1.8 %

The stock has a 50 day moving average price of $3.82 and a 200 day moving average price of $3.35. 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 capitalization of $1.01 billion, a P/E ratio of -33.20 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share 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. Equities research analysts forecast that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Cipher Mining by 79.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 132,304 shares of the company's stock worth $681,000 after purchasing an additional 58,659 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Cipher Mining in the first quarter worth approximately $542,000. Nomura Holdings Inc. purchased a new position in shares of Cipher Mining during the 4th quarter worth $213,000. Quadrature Capital Ltd purchased a new position in shares of Cipher Mining during the 4th quarter worth $513,000. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company's stock valued at $62,000 after acquiring an additional 5,000 shares during the period. Hedge funds and other institutional investors 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.