Shares of Cipher Mining Inc. (NASDAQ:CIFR) are rising Tuesday. Investors appear to be weighing positive analyst updates against a significant notes offering.
- CIFR is delivering impressive returns. See the full story here.
What To Know: Cipher Mining said its wholly-owned subsidiary, Cipher Compute LLC, will offer $1.4 billion aggregate principal amount of senior secured notes due 2030 in a private offering for institutional buyers.
Cipher Mining will use the net proceeds to finance a portion of the construction cost of its Barber Lake Facility, a high-performance computing data center near Colorado City, Texas.
The offering comes after Cipher Mining announced a $5.5 billion deal with Amazon Web Services on Monday. The company entered into a 15-year lease agreement to support AWS AI workloads.
Cipher said it will deliver 300 megawatts of capacity in 2026 in two phases, expected to begin in July and be completed in the fourth quarter of 2026.
The upward momentum on Tuesday may be due to multiple positive analyst updates following the company’s AWS deal. Several analysts lifted price targets on Tuesday, suggesting shares have more room to run.
- Canaccord Genuity analyst Joseph Vafi maintained a Buy while raising the price target from $16 to $27.
- Rosenblatt analyst Chris Brendler maintained a Buy while raising the price target from $25 to $33.
- Needham analyst John Todaro maintained a Buy while raising the price target from $15 to $26.
- HC Wainwright & Co. analyst Mike Colonnese maintained a Buy while raising the price target from $25 to $30.
CIFR Analysis: Cipher Mining stock is approaching its 52-week high of $25.11, reflecting strong momentum as it continues to attract investor interest. With a remarkable year-to-date performance of 377.6%, the stock has demonstrated significant growth, positioning it as one of the larger players in the cryptocurrency mining and data center sector with a market capitalization of $8.99 billion.
From a technical perspective, Cipher Mining is trading approximately 64.5% above its 50-day moving average of $14.02 and an impressive 243.9% above its 200-day moving average of $6.70. This substantial distance from both moving averages indicates a strong bullish trend, although the relative strength index (RSI) at 67.09 suggests that the stock is nearing overbought territory, which could lead to increased volatility in the near term.
CIFR Price Action: Cipher Mining shares were up 1.05% at $23.02 at the time of publication on Tuesday, according to Benzinga Pro.
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