Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) gapped up prior to trading on Thursday after Compass Point raised their price target on the stock from $4.00 to $5.50. The stock had previously closed at $4.72, but opened at $4.84. Cipher Mining shares last traded at $4.81, with a volume of 77,899 shares trading hands.
Several other research analysts have also issued reports on CIFR. Canaccord Genuity Group started coverage on Cipher Mining in a report on Tuesday, April 25th. They issued a “buy” rating and a $4.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $4.00 target price (up from $2.70) on shares of Cipher Mining in a research note on Wednesday, April 12th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $3.90.
Institutional Investors Weigh In On Cipher Mining
Institutional investors have recently bought and sold shares of the stock. American International Group Inc. bought a new position in shares of Cipher Mining in the 2nd quarter worth approximately $25,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cipher Mining during the 4th quarter valued at approximately $26,000. HBW Advisory Services LLC bought a new position in Cipher Mining during the 2nd quarter valued at approximately $29,000. JPMorgan Chase & Co. increased its position in Cipher Mining by 72.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock valued at $29,000 after buying an additional 8,896 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in Cipher Mining during the 1st quarter valued at approximately $30,000. 4.89% of the stock is currently owned by hedge funds and other institutional investors.
Cipher Mining Trading Down 5.3 %
Cipher Mining (NASDAQ:CIFR – Get Free Report) last issued its earnings results on Tuesday, May 9th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $21.90 million for the quarter, compared to analysts’ expectations of $20.80 million. Equities analysts expect that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.
Cipher Mining Company Profile
Cipher Mining Inc, a technology company, develops and operates 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 is a subsidiary of Bitfury Holding B.V.
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