Cipher Mining (NASDAQ:CIFR) Trading Up 8.5% – Here’s Why

by · The Markets Daily

Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report)’s share price was up 8.5% during mid-day trading on Wednesday . The company traded as high as $3.05 and last traded at $3.12. Approximately 7,756,403 shares changed hands during trading, a decline of 25% from the average daily volume of 10,409,648 shares. The stock had previously closed at $2.87.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CIFR shares. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Rosenblatt Securities started coverage on Cipher Mining in a research note on Friday, March 7th. They set a “buy” rating and a $6.50 price target for the company. Needham & Company LLC cut their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Canaccord Genuity Group restated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Finally, Northland Securities boosted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $8.13.

Get Our Latest Analysis on Cipher Mining

Cipher Mining Trading Up 6.4 %

The stock has a fifty day moving average of $4.86 and a 200 day moving average of $5.02. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market capitalization of $1.12 billion, a PE ratio of -23.65 and a beta of 2.47.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CIFR. V3 Holding Ltd purchased a new position in Cipher Mining in the 4th quarter worth approximately $452,713,000. Lone Pine Capital LLC purchased a new position in Cipher Mining in the 4th quarter worth approximately $10,878,000. Helix Partners Management LP purchased a new stake in shares of Cipher Mining during the 4th quarter worth approximately $10,426,000. Driehaus Capital Management LLC purchased a new stake in shares of Cipher Mining during the 4th quarter worth approximately $9,439,000. Finally, Tidal Investments LLC raised its holdings in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

(Get Free Report)

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.

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