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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Thursday . The stock had previously closed at $4.18, but opened at $4.53. Cipher Mining shares last traded at $4.38, with a volume of 4,110,402 shares.

Analyst Ratings Changes

Several equities research analysts have issued reports on CIFR shares. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Needham & Company LLC dropped their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday. Macquarie lifted their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods started coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average price target of $8.31.

Cipher Mining Trading Up 2.8 %

The company has a market cap of $1.42 billion, a price-to-earnings ratio of -31.38 and a beta of 2.41. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $5.28 and a 200 day moving average price of $5.03.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V3 Holding Ltd acquired a new position in Cipher Mining during the 4th quarter valued at approximately $452,713,000. Vanguard Group Inc. boosted its position in Cipher Mining by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock valued at $84,318,000 after purchasing an additional 1,189,756 shares during the period. State Street Corp boosted its position in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the period. Invesco Ltd. boosted its position in Cipher Mining by 16.7% during the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock valued at $29,899,000 after purchasing an additional 924,262 shares during the period. Finally, Geode Capital Management LLC boosted its position in Cipher Mining by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock valued at $26,583,000 after purchasing an additional 218,137 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.