Cipher Mining (NASDAQ:CIFR) Shares Gap Up – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened 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 traded.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Needham & Company LLC dropped their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Finally, Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Cipher Mining presently has an average rating of “Buy” and an average price target of $8.31.

Cipher Mining Stock Up 2.8 %

The business has a 50-day moving average price of $5.28 and a 200-day moving average price of $5.03. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -31.38 and a beta of 2.41. 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

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. V3 Holding Ltd acquired a new stake in shares of Cipher Mining during the fourth quarter worth $452,713,000. Lone Pine Capital LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $10,878,000. Helix Partners Management LP acquired a new stake in shares of Cipher Mining during the fourth quarter worth $10,426,000. Driehaus Capital Management LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $9,439,000. Finally, Tidal Investments LLC raised its position in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.