Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $4.14

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Monday . The stock had previously closed at $4.14, but opened at $4.30. Cipher Mining shares last traded at $4.34, with a volume of 1,190,097 shares trading hands.

Analyst Ratings Changes

CIFR has been the topic of several recent research reports. 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 reaffirmed a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Monday, April 22nd. HC Wainwright reiterated a “buy” rating and issued a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cipher Mining presently has an average rating of “Moderate Buy” and an average price target of $5.25.

Cipher Mining Trading Up 8.0 %

The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -44.70 and a beta of 2.32. 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 has a 50-day moving average price of $4.00 and a 200 day moving average price of $3.49.

Cipher Mining (NASDAQ:CIFR) last released 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 company had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in shares of Cipher Mining by 38.9% in the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after acquiring an additional 765,238 shares during the last quarter. First Financial Bankshares Inc bought a new stake in Cipher Mining in the fourth quarter worth $9,901,000. Exchange Traded Concepts LLC boosted 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 worth $2,862,000 after purchasing an additional 358,897 shares in the last quarter. Shariaportfolio Inc. bought a new stake in Cipher Mining in the fourth quarter worth $2,460,000. Finally, Hel Ved Capital Management Ltd bought a new stake in Cipher Mining in the fourth quarter worth $1,310,000. 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.