Cipher (CIFR) Mining Gets Boost From 4 Analysts’ Higher PT

We recently published 10 Stocks Crushing While Wall Street Naps. Cipher Mining Inc. (NASDAQ:CIFR) is one of the top performers on Thursday.

Cipher Mining rallied for a second day on Thursday, adding 8.57 percent to close at $5.32 as investors continued to take path from investment firms’ bullish ratings and higher price targets for the company.

For its part, Macquarie raised its price target to $8 from $6 previously, marking a 50.4 percent upside potential from its latest closing price. It also assigned an “overweight” rating for the stock.

Keefe, Bruyette, & Woods Inc. gave Cipher Mining Inc. (NASDAQ:CIFR) a new price target of $8, albeit a reduction from the $10 previously, but it remained markedly higher than its closing price on Thursday.

Other firms, Needham and Rosenblatt, also posted a bullish stance, giving a “buy” recommendation, with price targets of $8 and $7, respectively. Rosenblatt’s price target represented a 31.6-percent upside potential from the firm’s latest closing price.

In the second quarter of the year, Cipher Mining Inc. (NASDAQ:CIFR) saw revenues from Bitcoin mining increase by 18.2 percent to $43.56 million from $36.8 million in the same period last year. However, net loss nearly tripled to $45.78 million from $15.29 million, dragged by a 67.6-percent increase in total costs and operating expenses.