Cipher Mining (NASDAQ:CIFR) Shares Up 4.8%

Cipher Mining Inc. (NASDAQ:CIFR) shares shot up 4.8% on Wednesday . The company traded as high as $3.52 and last traded at $3.52. 3,047,447 shares were traded during 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

A number of brokerages have weighed in on CIFR. HC Wainwright reiterated a “buy” rating and set a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Canaccord Genuity Group reiterated a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Monday, March 18th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Cipher Mining Trading Up 5.7 %

The company’s 50 day moving average price is $3.82 and its 200 day moving average price is $3.35. 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 firm has a market cap of $1.05 billion, a PE ratio of -33.20 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $35.73 million. As a group, analysts forecast that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. Gotham Asset Management LLC lifted its stake in Cipher Mining by 20.1% in the fourth quarter. Gotham Asset Management LLC now owns 15,811 shares of the company’s stock worth $65,000 after acquiring an additional 2,649 shares during the last quarter. Rhumbline Advisers lifted its stake in Cipher Mining by 5.4% in the third quarter. Rhumbline Advisers now owns 64,313 shares of the company’s stock worth $150,000 after acquiring an additional 3,313 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Cipher Mining by 2.5% in the fourth quarter. Nuveen Asset Management LLC now owns 194,013 shares of the company’s stock worth $801,000 after acquiring an additional 4,652 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after acquiring an additional 5,000 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Cipher Mining by 104.9% in the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after acquiring an additional 5,592 shares during the last quarter. Hedge funds and other institutional investors 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.