Why Cipher Mining Stock Mashed the Market on Monday

Key Points

• More than one analyst raised their price target on the stock.

• This followed an exciting development announced by the company late last week.

• 10 stocks we like better than Cipher Mining ›

Most stocks get a bump when a single analyst raises an existing price target. On those relatively rare occurrences when several pundits enact such lifts, a company's shares can really take off. A nice pop in the value of a core asset doesn't hurt, either.

These were the dynamics behind the more than 10% increase of Cipher Mining (NASDAQ: CIFR) on Monday. Not one, not two, but three prognosticators hiked their price targets on the Bitcoin mining company's stock. This was especially impressive considering that the benchmark S&P 500 index eked out a relatively light 0.3% gain that trading session.

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Three pieces of encouraging news

The fortunes of Bitcoin miners, it almost goes without saying, are quite dependent on the performance of the leading cryptocurrency. One dynamic that helped Cipher Mining's stock substantially on Monday was the encouraging rise in the value of Bitcoin, which was up by 3% in the preceding 24 hours as of this writing.

Image source: Getty Images.

That, combined with that trio of price target raises, put the sizzle in Cipher Mining's stock.

Specifically, the three raisers were H.C. Wainwright, Keefe, Bruyette & Woods, and Rosenblatt. And these weren't incremental lifts, either. Bill Papanastasiou felt compelled to double his fair value assessment, flagging Cipher Mining as now being worth $13 per share from his previous $6.50.

H.C. Wainwright's Mike Colonnese topped this by cranking his price target to $17 per share from $7.50. Chris Brendler of Rosenblatt was relatively more restrained, upping his to $14 from $9.

All three analysts maintained their equivalents of buy recommendations on Cipher Mining.

A historical first

The trio also cited one piece of recent news as a reason behind their increases. Last Thursday, Cipher Mining announced that it signed its first high-performance computing (HPC) co-location contract. Specifically, it is partnering with artificial intelligence (AI) cloud platform developer Fluidstack in a 10-year arrangement that kicks off in October. 2026.

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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.