Cipher Mining (NASDAQ:CIFR) Trading 9.4% Higher

Shares of Cipher Mining Inc. (NASDAQ:CIFR) were up 9.4% during trading on Friday . The company traded as high as $4.40 and last traded at $4.30. Approximately 1,742,141 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 8,478,415 shares. The stock had previously closed at $3.93.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CIFR shares. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a report on Monday, April 22nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Finally, HC Wainwright reissued a “buy” rating and issued a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Cipher Mining Price Performance

The firm has a market cap of $1.23 billion, a PE ratio of -41.40 and a beta of 2.32. The firm’s fifty day simple moving average is $4.00 and its two-hundred day simple moving average is $3.49. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The business had revenue of $43.42 million during the quarter, compared to analyst estimates of $35.73 million. As a group, research analysts expect that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. Arizona State Retirement System bought a new position in Cipher Mining in the 3rd quarter valued at $33,000. Jump Financial LLC purchased a new position in Cipher Mining during the 3rd quarter worth $244,000. Barclays PLC raised its position in Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after purchasing an additional 7,720 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after buying an additional 5,592 shares during the period. Finally, Swiss National Bank bought a new position in shares of Cipher Mining during the 3rd quarter worth $255,000. 12.26% of the stock is 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.