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Cipher Mining Inc. (market cap: $3.05 billion) has reached a significant milestone, with its stock hitting a 52-week high of $7.78. According to InvestingPro data, analysts maintain price targets ranging from $6 to $9 for the stock, which currently trades near its Fair Value. This marks a notable achievement for the company, reflecting a robust performance over the past year. The stock has experienced an impressive 1-year change, surging by 114.1%, with particularly strong gains of 72% in the last six months alone. While the stock shows significant volatility, its healthy liquidity position (current ratio: 4.18) and expected net income growth support its positive trajectory in the competitive mining sector. This upward momentum places Cipher Mining in a strong position as it continues to expand its operations and explore new opportunities in the industry. Discover 18 additional key insights about CIFR with an InvestingPro subscription.
In other recent news, Cipher Mining reported second-quarter results that fell short of market expectations. The company posted revenue of $43.57 million, which was below the anticipated $51.18 million, and an earnings per share (EPS) of -$0.12, missing the forecast of -$0.0776. Despite the revenue miss, Macquarie has raised its price target for Cipher Mining to $8.00 from $6.00, maintaining an Outperform rating due to the company’s expansion plans. Meanwhile, Rosenblatt Securities reiterated its Buy rating with a $7.00 price target, highlighting Cipher Mining’s solid quarterly performance and potential in high-performance computing (HPC).
These developments come as Bitcoin-linked stocks, including Cipher Mining, experienced declines due to a retreat in cryptocurrency prices. Cipher Mining’s stock dipped 5.09% in post-market trading following the earnings release. The company also reported an operating loss of $45.8 million, which was worse than both consensus and Macquarie’s estimates. Analyst firms continue to show confidence in Cipher Mining’s future prospects despite the current setbacks.
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