Cipher Mining Inc (NASDAQ: CIFR) shares are trending on Monday amid positive analyst coverage. Here’s what you need to know.
What To Know: Rosenblatt maintained a Buy rating on Cipher Mining on Monday and raised its price target to $14. Canaccord Genuity also maintained a Buy rating and raised its price target from $12 to $16.
The price target increase from Canaccord comes after the firm raised its target from $9 to $12 earlier this month. Canaccord continues to lift its target as shares continue to rally. Cipher Mining stock is up approximately 51% over the past month, according to Benzinga Pro.
Other recent analyst changes include a price target increase to $8 from Macquarie and a price target increase from $6 to $12 from JPMorgan. Arete Research also initiated coverage earlier this month with a price target of $24.
Cipher Mining has a consensus Buy rating from analysts with an average 12-month price target of $10.54.
CIFR Analysis: Cipher Mining shares show strong momentum with a recent price increase indicating bullish sentiment. The Relative Strength Index (RSI) sits at 70.12, suggesting the stock is nearing overbought conditions.
The market structure displays a series of higher highs and higher lows, confirming an uptrend. A potential bullish flag pattern is forming, with consolidation between $11.50 and $12.00, which could lead to further upside if the resistance is broken.
The MACD shows a bullish crossover, with the signal line at 0.15 and the MACD line at 0.25, indicating positive momentum. Benzinga Edge rankings show a strong Momentum ranking of 98.6/100.
How To Buy CIFR Stock
By now you're likely curious about how to participate in the market for Cipher Mining – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
CIFR Price Action: Cipher Mining shares were up 3.49% at $11.87 at the time of publication on Monday, according to Benzinga Pro.
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