Cipher Mining (NASDAQ:CIFR) Reaches New 1-Year High at $5.62

Cipher Mining Inc. (NASDAQ:CIFRGet Free Report)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $5.62 and last traded at $5.39, with a volume of 2470240 shares traded. The stock had previously closed at $5.22.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of Cipher Mining in a report on Thursday. HC Wainwright reissued a “buy” rating and issued a $4.50 price objective on shares of Cipher Mining in a research note on Tuesday, March 5th. 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, March 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a report on Thursday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $5.25.

Read Our Latest Stock Analysis on Cipher Mining

Cipher Mining Stock Down 3.4 %

The firm’s 50-day simple moving average is $3.44 and its 200-day simple moving average is $3.19. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -51.49 and a beta of 2.06.

Cipher Mining (NASDAQ:CIFRGet Free Report) last posted its earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The business had revenue of $43.42 million during the quarter, compared to the consensus estimate of $35.73 million. Sell-side analysts forecast that Cipher Mining Inc. will post -0.22 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently made changes to their positions in CIFR. First Financial Bankshares Inc acquired a new position in Cipher Mining in the fourth quarter valued at about $9,901,000. State Street Corp boosted its holdings in shares of Cipher Mining by 208.0% in the 2nd quarter. State Street Corp now owns 2,197,387 shares of the company’s stock worth $6,285,000 after acquiring an additional 1,483,836 shares in the last quarter. Vanguard Group Inc. grew its position in Cipher Mining by 103.8% during the 1st quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company’s stock worth $6,891,000 after acquiring an additional 964,326 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cipher Mining by 221.3% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 968,670 shares of the company’s stock valued at $2,770,000 after purchasing an additional 667,152 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Cipher Mining by 1,738.2% during the 4th quarter. Renaissance Technologies LLC now owns 645,200 shares of the company’s stock valued at $361,000 after purchasing an additional 610,100 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

(Get Free Report)

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.

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