Cipher Mining (NASDAQ:CIFR) Trading 5.1% Higher

Cipher Mining Inc. (NASDAQ:CIFR – Get Rating)’s stock price traded up 5.1% during trading on Friday . The company traded as high as $2.16 and last traded at $2.06. 1,228,844 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 1,358,967 shares. The stock had previously closed at $1.96.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Cantor Fitzgerald assumed coverage on Cipher Mining in a research report on Monday, March 13th. They issued a “buy” rating and a $3.00 target price on the stock. Needham & Company LLC assumed coverage on Cipher Mining in a research report on Tuesday, February 21st. They issued a “buy” rating and a $2.70 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of Cipher Mining in a research report on Thursday.

Cipher Mining Stock Up 18.4 %

The company has a 50 day simple moving average of $1.48 and a two-hundred day simple moving average of $1.18. The company has a quick ratio of 3.56, a current ratio of 1.18 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $576.82 million, a P/E ratio of -14.50 and a beta of 2.09.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in CIFR. Swiss National Bank increased its stake in Cipher Mining by 7.1% during the first quarter. Swiss National Bank now owns 116,500 shares of the company’s stock worth $424,000 after acquiring an additional 7,700 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Cipher Mining during the first quarter valued at approximately $51,000. Cambridge Investment Research Advisors Inc. grew its stake in shares of Cipher Mining by 32.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 26,750 shares of the company’s stock valued at $97,000 after buying an additional 6,500 shares during the last quarter. Citigroup Inc. grew its stake in shares of Cipher Mining by 879.7% during the first quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock valued at $376,000 after buying an additional 92,680 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of Cipher Mining by 14.7% during the first quarter. BlackRock Inc. now owns 233,677 shares of the company’s stock valued at $850,000 after buying an additional 30,031 shares during the last quarter. 10.80% of the stock is owned by institutional investors.

Cipher Mining Company Profile

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Cipher Mining Inc, a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is based in New York, New York.