Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Still a Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a report on Wednesday. Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald lowered their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research note on Tuesday, December 10th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average price target of $8.31.

Cipher Mining Price Performance

The company has a market capitalization of $1.42 billion, a P/E ratio of -31.27 and a beta of 2.41. The business’s 50-day moving average is $5.35 and its two-hundred day moving average is $5.04. 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 Investors Weigh In On Cipher Mining

Several institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp boosted its position in shares of Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after acquiring an additional 2,754 shares during the last quarter. GTS Securities LLC purchased a new position in Cipher Mining in the 4th quarter worth approximately $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after buying an additional 153,921 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining during the fourth quarter worth about $5,378,000. Finally, Vennlight Capital Management LP purchased a new stake in Cipher Mining in the 4th quarter worth approximately $1,370,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.