Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report)’s share price rose 8.4% during trading on Wednesday after Northland Securities raised their price target on the stock from $6.00 to $8.50. Northland Securities currently has an outperform rating on the stock. Cipher Mining traded as high as $6.85 and last traded at $6.71. Approximately 6,594,071 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 9,309,222 shares. The stock had previously closed at $6.19.
Several other equities research analysts also recently weighed in on CIFR. BTIG Research increased their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. Compass Point increased their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.03.
Read Our Latest Research Report on CIFR
Insider Activity at Cipher Mining
Hedge Funds Weigh In On Cipher Mining
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Cipher Mining in the 2nd quarter valued at about $1,332,000. Paloma Partners Management Co acquired a new position in Cipher Mining in the 3rd quarter valued at about $4,029,000. Bank of New York Mellon Corp boosted its stake in shares of Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares during the last quarter. Finally, Duncan Williams Asset Management LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth about $553,000. Institutional investors and hedge funds own 12.26% of the company’s stock.
Cipher Mining Trading Up 8.4 %
The business’s fifty day moving average price is $5.42 and its 200 day moving average price is $4.65. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.33 billion, a PE ratio of -51.61 and a beta of 2.29.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the firm posted ($0.07) earnings per share. As a group, analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.
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.
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