Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $2.38

Cipher Mining Inc. (NASDAQ:CIFR – Get Rating)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.38, but opened at $2.44. Cipher Mining shares last traded at $2.42, with a volume of 115,764 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of Cipher Mining in a report on Thursday, March 16th. Cantor Fitzgerald began coverage on Cipher Mining in a research report on Monday, March 13th. They issued a “buy” rating and a $3.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $4.00 price objective (up previously from $2.70) on shares of Cipher Mining in a report on Wednesday, April 12th. Finally, Canaccord Genuity Group initiated coverage on Cipher Mining in a research note on Tuesday, April 25th. They set a “buy” rating and a $4.00 price target on the stock.

Cipher Mining Trading Up 6.3 %

The stock has a market capitalization of $629.82 million, a P/E ratio of -21.08 and a beta of 2.30. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50 day simple moving average of $2.27 and a 200-day simple moving average of $1.50.

Cipher Mining (NASDAQ:CIFR – Get Rating) last released its quarterly earnings data on Tuesday, March 14th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.14). The company had revenue of $3.04 million during the quarter, compared to analysts’ expectations of $4.60 million. On average, analysts predict that Cipher Mining Inc. will post -0.09 EPS for the current year.

Institutional Trading of Cipher Mining

Large investors have recently made changes to their positions in the company. Swiss National Bank lifted its stake in Cipher Mining by 7.1% in the 1st quarter. Swiss National Bank now owns 116,500 shares of the company’s stock valued at $424,000 after purchasing an additional 7,700 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Cipher Mining in the 1st quarter valued at about $51,000. Cambridge Investment Research Advisors Inc. lifted its stake in Cipher Mining by 32.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,750 shares of the company’s stock valued at $97,000 after purchasing an additional 6,500 shares during the last quarter. Citigroup Inc. raised its holdings in Cipher Mining by 879.7% in the 1st quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock valued at $376,000 after acquiring an additional 92,680 shares during the period. Finally, BlackRock Inc. raised its holdings in Cipher Mining by 14.7% in the 1st quarter. BlackRock Inc. now owns 233,677 shares of the company’s stock valued at $850,000 after acquiring an additional 30,031 shares during the period. Institutional investors own 10.80% of the company’s stock.

About Cipher Mining

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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.