Cipher Mining (NASDAQ:CIFR) Stock Price Up 5% – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR) traded up 5% during mid-day trading on Monday . The stock traded as high as $2.40 and last traded at $2.21. 12,535,504 shares were traded during trading, an increase of 19% from the average session volume of 10,568,985 shares. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

Several analysts have commented on CIFR shares. Needham & Company LLC lowered their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Rosenblatt Securities began coverage on Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 target price for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. One investment 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Up 6.2 %

The company has a market capitalization of $819.81 million, a PE ratio of -17.15 and a beta of 2.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company’s 50-day moving average is $4.13 and its 200 day moving average is $4.98.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position 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 acquiring an additional 5,432 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Cipher Mining during the fourth quarter valued at $29,000. KBC Group NV bought a new stake in Cipher Mining in the 4th quarter worth about $46,000. Apollon Wealth Management LLC purchased a new position in Cipher Mining in the 4th quarter worth about $49,000. Finally, Rafferty Asset Management LLC purchased a new position in Cipher Mining in the 4th quarter worth about $49,000. Institutional investors 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.