Cipher Mining (NASDAQ:CIFR) Trading Up 8.5% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares traded up 8.5% during mid-day trading on Wednesday . The stock traded as high as $3.05 and last traded at $3.12. 7,756,403 shares were traded during trading, a decline of 25% from the average session volume of 10,409,648 shares. The stock had previously closed at $2.87.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Cantor Fitzgerald cut their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Rosenblatt Securities assumed coverage on Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Stock Up 6.4 %

The company has a 50-day simple moving average of $4.86 and a 200 day simple moving average of $5.02. The company has a market cap of $1.12 billion, a P/E ratio of -23.65 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the business. Private Advisor Group LLC grew its position in Cipher Mining by 90.4% in the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company’s stock valued at $932,000 after acquiring an additional 95,400 shares during the last quarter. State Street Corp lifted its holdings in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after buying an additional 1,019,949 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after buying an additional 1,511,455 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Cipher Mining in the 3rd quarter worth $4,029,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Cipher Mining by 47.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after buying an additional 31,815 shares during the period. Institutional investors own 12.26% of the company’s stock.

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.