On July 31, Cipher Mining Inc. rose 5.16% in pre-market trading, trading at $23.693/share, with turnover of $715,300.

On the news front, Chardan recently initiated coverage of the company with a Buy rating and a $32 price target. The average analyst target price stands at $32.75, representing significant upside from current levels. Previously, Morgan Stanley, Bernstein, Jefferies, and Macquarie all assigned Buy or Outperform ratings, with Morgan Stanley setting the highest target at $42.50. Additionally, the company announced participation in upcoming investor and industry conferences, while its second quarter earnings report is scheduled for release on August 4 pre-market, fueling market anticipation for a business update.

The company reported a Q1 loss of $0.28 per share on revenue of $34.8 million, both missing estimates. In June, its subsidiary completed an $810 million senior secured notes offering at 6.000% to fund data center construction, strengthening its capital structure for scaling HPC infrastructure.

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