Shares of Cipher Mining Inc. (CIFR) surged 5.07% on Wednesday, November 1st, as investors reacted positively to the company's third-quarter earnings report and analyst optimism surrounding the stock.
The cryptocurrency mining firm reported a quarterly loss of $86.75 million, or 26 cents per share, for the three months ended September 30th. While the loss was wider than expected, the company also highlighted its expanding data center portfolio and a 36.4% gain in its stock price during the quarter.
Analysts at HC Wainwright & Co. maintained their "buy" rating on Cipher Mining and reiterated their $7.00 price target on the stock. The firm's analysts praised the company's growth prospects, citing the potential for further expansion in the cryptocurrency mining space.
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