Cipher Mining (NASDAQ:CIFR) Shares Up 8.5% – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price shot up 8.5% during mid-day trading on Wednesday . The company traded as high as $3.05 and last traded at $3.12. 7,756,403 shares were traded during mid-day 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 Analysts Forecast Growth

A number of brokerages have issued reports on CIFR. JPMorgan Chase & Co. downgraded Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Canaccord Genuity Group restated a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Cantor Fitzgerald reduced their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities began coverage on Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 price objective for the company. 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 note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Cipher Mining currently has an average rating of “Buy” and an average target price of $8.13.

Cipher Mining Price Performance

The business has a fifty day moving average of $4.78 and a 200-day moving average of $4.99. The firm has a market cap of $1.07 billion, a PE ratio of -22.46 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.

Institutional Trading of Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its holdings in Cipher Mining by 12.8% during the 4th quarter. California State Teachers Retirement System now owns 213,322 shares of the company’s stock worth $990,000 after purchasing an additional 24,209 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after purchasing an additional 2,754 shares in the last quarter. GTS Securities LLC purchased a new stake in Cipher Mining during the 4th quarter worth about $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock worth $1,720,000 after purchasing an additional 153,921 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in Cipher Mining during the 4th quarter worth about $5,378,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.