Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Tuesday . The stock had previously closed at $2.34, but opened at $2.45. Cipher Mining shares last traded at $2.76, with a volume of 2,956,270 shares changing hands.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Rosenblatt Securities assumed coverage on shares of Cipher Mining in a report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Cantor Fitzgerald decreased their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. JPMorgan Chase & Co. downgraded Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Finally, Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Performance

The business has a 50-day moving average price of $3.37 and a 200-day moving average price of $4.85. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -21.04 and a beta of 2.65. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Trading of Cipher Mining

Several institutional investors have recently bought and sold shares of CIFR. Nisa Investment Advisors LLC raised its holdings in Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after buying an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new stake in Cipher Mining during the 4th quarter worth $29,000. FNY Investment Advisers LLC boosted its holdings in shares of Cipher Mining by 42.9% in the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock valued at $36,000 after acquiring an additional 4,800 shares during the period. KBC Group NV purchased a new stake in Cipher Mining during the 4th quarter valued at approximately $46,000. Finally, Apollon Wealth Management LLC acquired a new stake in shares of Cipher Mining in the 4th quarter worth $49,000. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

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.