Cipher Mining (NASDAQ:CIFR) Shares Climb 7.8% – Time to Buy?

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CIFR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Monday, September 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a research note on Thursday, September 10th. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a research note on Friday, September 25th. JPMorgan Chase & Co. decreased their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Finally, Chardan Capital reissued a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus target price of $28.65.

Cipher Mining Price Performance

The company’s 50-day moving average is $15.07 and its 200-day moving average is $17.97. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -2.88 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted ($0.12) EPS. On average, research analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Cipher Mining by 567.1% in the second 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 in the last quarter. Janus Henderson Group PLC boosted its holdings in Cipher Mining by 1.9% in the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock valued at $56,292,000 after purchasing an additional 81,192 shares during the last quarter. Moore Capital Management LP purchased a new position in Cipher Mining in the second quarter valued at about $35,077,000. Jennison Associates LLC grew its stake in Cipher Mining by 48.7% during the 1st quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock valued at $32,423,000 after purchasing an additional 824,618 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Cipher Mining during the 1st quarter valued at approximately $24,486,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.