Cipher Mining Stock Is Moving Higher After Hours: Here's Why

Cipher Mining Inc CIFR shares are trading higher in Tuesday’s after-hours session after the Bitcoin BTC/USD mining company provided an operational update for February.

What Happened: After the market close on Tuesday, Cipher Mining announced that it mined 180 bitcoin in February, down from 219 bitcoin mined in January.

Cipher Mining held a total of 1,032 bitcoin as of the end of February after selling approximately 235 bitcoin during the month as part of the company’s regular treasury management.

“Cipher delivered strong production in February despite a brief, planned shutdown at our Odessa site for annual high-voltage electrical maintenance. The work was completed promptly and successfully, thanks to our well-organized and disciplined operations team,” the company said.

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The update comes about a week after Cipher reported mixed fourth-quarter financial results. The company reported revenue of $42.22 million, missing estimates of $42.69 million, and earnings of 14 cents per share, beating estimates for a loss of 5 cents per share.

Following the print, analysts from HC Wainwright & Co. and Canaccord Genuity reiterated Buy ratings and maintained price targets of $8. Needham analyst John Todaro also maintained a Buy rating, but lowered his price target from $7.50 to $7.

CIFR Price Action: Cipher Mining shares were up 5.07% after hours, trading at $3.93 at the time of publication Tuesday, per Benzinga Pro.

Photo: Shutterstock.