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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) shot up 8.5% during 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.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CIFR. 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 target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Northland Securities boosted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, 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 research report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a 50 day simple moving average of $4.78 and a 200-day simple moving average of $4.99. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -22.46 and a beta of 2.47.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently modified their holdings of CIFR. Victory Capital Management Inc. grew its holdings in Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after buying an additional 2,101 shares in the last quarter. Intech Investment Management LLC bought a new stake in Cipher Mining during the third quarter worth $133,000. Charles Schwab Investment Management Inc. grew its holdings in Cipher Mining by 71.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock worth $9,118,000 after buying an additional 977,963 shares in the last quarter. Centaurus Financial Inc. bought a new stake in Cipher Mining during the third quarter worth $583,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Cipher Mining by 47.4% during the third 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 in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.