Cipher Mining (NASDAQ:CIFR) Trading Up 5% - Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price was up 5% during mid-day trading on Monday . The company traded as high as $2.40 and last traded at $2.21. Approximately 12,535,504 shares changed hands during trading, an increase of 19% from the average daily volume of 10,568,985 shares. The stock had previously closed at $2.10.

Analyst Ratings Changes

Several brokerages have commented on CIFR. HC Wainwright restated a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Needham & Company LLC cut their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Canaccord Genuity Group reiterated a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. One investment 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 company's stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Buy" and an average price target of $8.13.

Cipher Mining Trading Up 9.0 %

The stock has a fifty day moving average of $3.79 and a two-hundred day moving average of $4.91. The company has a market capitalization of $889.66 million, a PE ratio of -18.61 and a beta of 2.65. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

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Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Private Advisor Group LLC raised 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 worth $932,000 after purchasing an additional 95,400 shares during the period. State Street Corp grew its stake in shares of Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company's stock valued at $26,777,000 after buying an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 37.8% in the third 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. Charles Schwab Investment Management Inc. lifted its stake in shares of Cipher Mining by 33.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company's stock valued at $14,568,000 after acquiring an additional 783,509 shares during the last quarter. Finally, Helix Partners Management LP purchased a new stake in Cipher Mining during the 4th quarter valued at about $10,426,000. 12.26% of the stock is owned by hedge funds and other 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.