Why Investors Were Digging in to Cipher Mining Stock This Week

Group 1 - Cipher Mining's stock has risen over 9% week to date, driven by a healthy increase in Bitcoin and positive analyst notes [1] - Bitcoin has been on the rise in September following a slump in August, with the Federal Reserve's recent rate cut acting as a catalyst [2] - Analyst Michael Donovan initiated coverage of Cipher Mining with a buy rating and a price target of $8 per share [4] Group 2 - Canaccord Genuity's Joseph Vafi raised his price target for Cipher Mining from $9 to $13 while maintaining a buy recommendation [4] - Vafi values Cipher Mining using a sum-of-the-parts method, highlighting the Barber Lake facility as a highly profitable asset due to its efficiency and low power costs [5] - Cipher Mining holds 1,063 Bitcoin and has valuable holdings at its Black Pearl site, contributing to its overall valuation [5] Group 3 - Cipher Mining reported a surprise net profit of $0.08 per share in its second-quarter earnings, despite a revenue miss of $43.6 million compared to the consensus estimate of $50.6 million [6]