Cipher Mining (CIFR) Gets New “Buy” Reco, Soars 16% More

We recently published 10 Stocks Shine Brighter Than Wall Street. Cipher Mining Inc. (NASDAQ:CIFR) is one of Monday’s top performers.

Cipher Mining soared by 16.12 percent on Monday to close at $6.05 apiece as investors continued to seek path from higher price targets and bullish recommendations from analysts.

On the same day, Cipher Mining Inc. (NASDAQ:CIFR) earned a “buy” recommendation from Zacks Research on the back of growing optimism over its earnings prospects.

Last week, several investment firms also gave higher price targets for the company.

For its part, Macquarie raised its price target to $8 from $6 previously, marking a 32 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 Monday.

Other firms, Needham and Rosenblatt, also posted a bullish stance, giving a “buy” recommendation, with price targets of $8 and $7, respectively.

bitcoin mining

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.