On August 3, Cipher Mining Inc. rose 5.02% in regular trading, trading at $23.51 per share, with turnover of $129 million. The rally was driven by a cluster of bullish analyst coverage and anticipation of the upcoming Q2 earnings release scheduled for August 4 pre-market.

On the news front, Chardan recently initiated coverage of Cipher Digital with a Buy rating and a $32 price target. The average analyst target price stands at $32.75, implying significant upside from current levels. Morgan Stanley, Bernstein, Jefferies, and Macquarie have all issued Buy or Outperform ratings, with Morgan Stanley setting the highest target at $42.50. The dense accumulation of bullish signals has provided strong sentiment support.

Additionally, the company recently completed an $810 million senior secured notes offering to fund its Stingray data center project and appointed a former ERCOT director as Head of Grid Strategies, signaling continued expansion of its HPC data center pipeline.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)