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

Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Monday. The stock had previously closed at $8.98, but opened at $9.49. Cipher Mining shares last traded at $9.1270, with a volume of 12,445,562 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, September 21st. Chardan Capital reaffirmed a “buy” rating and set a $32.00 price objective on shares of Cipher Mining in a research report on Tuesday, August 4th. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Finally, Morgan Stanley cut their price objective on Cipher Mining from $54.00 to $51.50 and set an “overweight” rating for the company in a research note on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.56.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The business’s 50 day moving average is $15.61 and its two-hundred day moving average is $19.20.

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 the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. The firm had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same period in the prior year, the company posted ($0.12) EPS. As a group, equities analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in the business. GK Wealth Management LLC bought a new stake in Cipher Mining in the 3rd quarter valued at $25,000. CoreCap Advisors LLC lifted its stake in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after purchasing an additional 2,423 shares in the last quarter. Ancora Advisors LLC purchased a new stake in Cipher Mining in the 2nd quarter worth $49,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of Cipher Mining during the 2nd quarter valued at about $58,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.