Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $4.18, but opened at $4.53. Cipher Mining shares last traded at $4.38, with a volume of 4,110,402 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Macquarie increased their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a report on Thursday, November 7th. BTIG Research increased their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. upgraded Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price objective for the company in a report on Tuesday, December 10th. Northland Securities lifted their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC reduced their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $8.31.

Cipher Mining Stock Down 5.6 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The business has a 50 day moving average price of $5.25 and a 200 day moving average price of $5.05. The firm has a market capitalization of $1.39 billion, a P/E ratio of -29.61 and a beta of 2.41.

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Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC increased its stake in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after purchasing an additional 2,036 shares during the period. Victory Capital Management Inc. increased its stake in shares of Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock worth $101,000 after purchasing an additional 2,101 shares during the period. Xponance Inc. increased its stake in shares of Cipher Mining by 17.8% in the fourth quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after purchasing an additional 2,140 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Cipher Mining by 17.4% in the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock worth $67,000 after purchasing an additional 2,149 shares during the period. Finally, Mackenzie Financial Corp increased its stake 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 worth $61,000 after purchasing an additional 2,754 shares during the period. 12.26% of the stock is currently owned by institutional investors.

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.