Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.34, but opened at $2.45. Cipher Mining shares last traded at $2.76, with a volume of 2,956,270 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CIFR. Rosenblatt Securities assumed coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 target price for the company. Canaccord Genuity Group reissued a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC decreased their target price on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. downgraded Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Up 17.3 %

The stock has a market cap of $1.01 billion, a P/E ratio of -21.04 and a beta of 2.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock’s fifty day simple moving average is $3.37 and its 200-day simple moving average is $4.85.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC raised its position in shares of Cipher Mining by 3.6% in the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock worth $274,000 after acquiring an additional 2,036 shares in the last quarter. Xponance Inc. grew its position in shares of Cipher Mining by 17.8% during the 4th quarter. Xponance Inc. now owns 14,151 shares of the company’s stock valued at $66,000 after acquiring an additional 2,140 shares during the period. Russell Investments Group Ltd. increased its holdings in Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after acquiring an additional 2,149 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after purchasing an additional 2,754 shares during the period. Finally, Tobam lifted its position in shares of Cipher Mining by 22.7% during the fourth quarter. Tobam now owns 18,023 shares of the company’s stock worth $84,000 after acquiring an additional 3,336 shares in the last quarter. 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.