Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price 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 Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CIFR shares. BTIG Research boosted their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Canaccord Genuity Group restated a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Wednesday. Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, Needham & Company LLC reduced their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Stock Down 2.6 %

The firm has a market capitalization of $1.42 billion, a P/E ratio of -31.27 and a beta of 2.41. 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 firm’s 50-day moving average is $5.35 and its 200 day moving average is $5.04.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its position in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at about $29,000. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining in the 3rd quarter valued at about $33,000. W Advisors LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at about $45,000. Finally, KBC Group NV bought a new stake in Cipher Mining during the fourth quarter worth about $46,000. 12.26% of the stock is currently owned by 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.