Cipher Mining (NASDAQ:CIFR) Shares Gap Up – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Monday. The stock had previously closed at $8.98, but opened at $9.49. Cipher Mining shares last traded at $9.1270, with a volume of 12,445,562 shares trading hands.

Wall Street Analysts Forecast Growth

CIFR has been the subject of a number of recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $30.00 target price on shares of Cipher Mining in a report on Thursday, September 10th. JPMorgan Chase & Co. cut their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Morgan Stanley reduced their price objective on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating on the stock in a research report on Monday, October 12th. Finally, UBS Group started coverage on shares of Cipher Mining in a report on Wednesday, September 23rd. They issued a “buy” rating and a $23.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average price target of $28.56.

Cipher Mining Stock Up 3.5%

The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The company has a market capitalization of $3.86 billion, a P/E ratio of -3.26 and a beta of 3.20. The company has a 50-day moving average of $15.93 and a two-hundred day moving average of $19.25.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The firm had revenue of $24.84 million during the quarter, compared to analysts’ expectations of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same period in the previous year, the company earned ($0.12) earnings per share. On average, research analysts predict that Cipher Mining Inc. will post -1.36 EPS for the current year.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the business. Benchmark Financial LLC bought a new position in shares of Cipher Mining in the 3rd quarter worth about $158,000. Activest Wealth Management lifted its position in Cipher Mining by 63.2% during the 3rd quarter. Activest Wealth Management now owns 43,025 shares of the company’s stock valued at $681,000 after acquiring an additional 16,665 shares during the period. State of Alaska Department of Revenue purchased a new position in Cipher Mining during the 3rd quarter valued at about $326,000. Mather Group LLC. boosted its stake in Cipher Mining by 6.3% during the third quarter. Mather Group LLC. now owns 25,252 shares of the company’s stock worth $400,000 after acquiring an additional 1,494 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its stake in Cipher Mining by 7,859.8% during the third quarter. Fortitude Family Office LLC now owns 41,550 shares of the company’s stock worth $658,000 after acquiring an additional 41,028 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.