Cipher Mining (NASDAQ:CIFR) Stock Jumps 7.8% – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was up 7.8% during mid-day trading on Tuesday. The stock traded as high as $8.54 and last traded at $8.3150. 6,369,379 shares traded hands during trading, a decline of 79% from the average daily volume of 30,633,475 shares. The stock had previously closed at $7.71.

Analyst Upgrades and Downgrades

A number of research firms have commented on CIFR. Rothschild & Co Redburn initiated coverage on shares of Cipher Mining in a research note on Monday, September 21st. They issued a “neutral” rating and a $18.00 price target for the company. UBS Group started coverage on shares of Cipher Mining in a report on Wednesday, September 23rd. They set a “buy” rating and a $23.00 price objective for the company. JPMorgan Chase & Co. cut their target price on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Wells Fargo & Company initiated coverage on Cipher Mining in a research note on Thursday, September 17th. They issued an “overweight” rating and a $25.00 target price on the stock. Finally, Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.65.

Cipher Mining Stock Performance

The business’s fifty day simple moving average is $14.53 and its 200-day simple moving average is $17.85. The firm has a market cap of $3.68 billion, a P/E ratio of -3.10 and a beta of 3.20. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same period last year, the company posted ($0.12) earnings per share. As a group, sell-side analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Bank of America Corp DE lifted its holdings in Cipher Mining by 237.7% in the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after buying an additional 995,735 shares during the period. Moore Capital Management LP purchased a new position in shares of Cipher Mining during the 2nd quarter worth approximately $35,077,000. Wellington Management Group LLP grew its holdings in shares of Cipher Mining by 567.1% during the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after acquiring an additional 3,388,359 shares during the period. FirstWave Capital Management LLC purchased a new position in shares of Cipher Mining during the 2nd quarter worth approximately $2,410,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of Cipher Mining during the 1st quarter worth approximately $2,188,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.