Cipher Mining Inc (NASDAQ: CIFR) Jumps 1.40%: Is This A Sign Of Things To Come?

Cipher Mining Inc (NASDAQ:CIFR) shares, rose in value, with the stock price up by 1.40% to the previous day’s close as strong demand from buyers drove the stock to $4.35.

Actively observing the price movement in the last trading, the stock closed the session at $4.29. The value of beta (5-year monthly) was 2.07. Referring to stock’s 52-week performance, its high was $5.75, and the low was $1.76. On the whole, CIFR has fluctuated by 51.57% over the past month.

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With the market capitalization of Cipher Mining Inc currently standing at about $1.29 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 07, 2024 – May 13, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.01, which is expected to increase to $0.05 for fiscal year -$0.1 and then to about $0.31 by fiscal year 2025.

Analysts have estimated the company’s revenue for the quarter at $49.93 million, with a low estimate of $45.2 million and a high estimate of $55.56 million. According to the average forecast, sales growth in current quarter could jump up 117.70%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $169.09 million, representing an increase of 33.30% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that CIFR’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CIFR currently trading nearly 6.14% and 24.40% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 53.16, while the 7-day volatility ratio is showing 9.30% which for the 30-day chart, stands at 13.08%. Furthermore, Cipher Mining Inc (CIFR)’s beta value is 2.26, and its average true range (ATR) is 0.52.

A comparison of Cipher Mining Inc (CIFR) with its peers suggests the former has fared considerably weaker in the market. CIFR showed an intraday change of 1.40% in last session, and over the past year, it grew by 86.70%%.

Data on historical trading for Cipher Mining Inc (NASDAQ:CIFR) indicates that the trading volumes over the past 10 days have averaged 11.34 million and over the past 3 months, they’ve averaged 9.42 million. According to company’s latest data on outstanding shares, there are 290.96 million shares outstanding.

Nearly 49.28% of Cipher Mining Inc’s shares belong to company insiders and institutional investors own 12.13% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 17.46 million shares as on Mar 15, 2024, resulting in a short ratio of 1.86. According to the data, the short interest in Cipher Mining Inc (CIFR) stood at 5.89% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 13.25 million. The stock has risen by 5.33% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CIFR stock heading into the next quarter.