Movement Alert|Cipher Mining Inc. Rises 5.8% in Regular Trading, Investment Bank Initiates Buy Rating Ahead of Upcoming Earnings

Market Focus
Jul 31

On July 31, Cipher Mining Inc. rose 5.8% in regular trading, trading at $23.175/share, with turnover of $91.25 million.

On the news front, Chardan recently initiated coverage on the company with a Buy rating and a $32 price target. The analyst consensus target stands at $32.75, implying significant upside from the current share price. Previously, Morgan Stanley, Bernstein, Jefferies, and Macquarie all assigned Buy or Outperform ratings, with Morgan Stanley setting the highest target at $42.50, forming a concentrated bullish signal from the institutional research community.

Additionally, the company is scheduled to release its second quarter financial results on August 4 before the market opens, with consensus EPS expectations of -$0.21, narrower than the prior quarter loss of -$0.28. Market participants appear to be positioning ahead of the earnings update, contributing to positive sentiment around the stock.

(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.)

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