Cipher Mining (NASDAQ:CIFR) Shares Up 4.8%

Cipher Mining Inc. (NASDAQ:CIFR) shares 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 traded 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.

Wall Street Analysts Forecast Growth

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

Cipher Mining Stock Performance

The firm has a market capitalization of $1.05 billion, a P/E ratio of -33.20 and a beta of 2.22. The firm has a 50-day moving average price of $3.82 and a two-hundred day moving average price of $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.

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

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 3,492,636 shares of the company’s stock valued at $14,425,000 after acquiring an additional 177,676 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Cipher Mining by 18.5% in the second quarter. BlackRock Inc. now owns 2,433,554 shares of the company’s stock valued at $6,960,000 after acquiring an additional 379,931 shares in the last quarter. First Financial Bankshares Inc bought a new stake in shares of Cipher Mining in the fourth quarter valued at about $9,901,000. State Street Corp raised its holdings in shares of Cipher Mining by 208.0% in the second quarter. State Street Corp now owns 2,197,387 shares of the company’s stock valued at $6,285,000 after acquiring an additional 1,483,836 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Cipher Mining by 40.3% in the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock valued at $8,130,000 after acquiring an additional 564,956 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.