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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened 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 research analysts have weighed in on CIFR shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.50 target price on shares of Cipher Mining in a research note on Thursday, March 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Monday. Finally, 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. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Cipher Mining Price Performance

The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -48.10 and a beta of 2.21. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The company’s 50-day moving average price is $3.91 and its 200-day moving average price is $3.40.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. On average, equities research analysts forecast that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Trading of Cipher Mining

Hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its holdings in Cipher Mining by 107.4% in the fourth 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. Vontobel Holding Ltd. raised its holdings in Cipher Mining by 149.9% in the third quarter. Vontobel Holding Ltd. now owns 58,256 shares of the company’s stock valued at $136,000 after acquiring an additional 34,947 shares in the last quarter. Swiss National Bank acquired a new stake in Cipher Mining in the third quarter valued at approximately $255,000. Van ECK Associates Corp increased its stake in Cipher Mining by 22.3% in the third quarter. Van ECK Associates Corp now owns 1,403,549 shares of the company’s stock valued at $3,270,000 after purchasing an additional 256,097 shares during the last quarter. Finally, Barclays PLC increased its stake in Cipher Mining by 93.4% in the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after purchasing an additional 7,720 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.