Why Cipher Mining Inc. (CIFR) Surged on Friday

We recently compiled a list of the 10 Firms Defy Market Pessimism. In this article, we are going to take a look at where Cipher Mining Inc. (NASDAQ:CIFR) stands against the other firms.

Ten companies finished firmer on Friday, bucking an overall market pessimism, over a series of catalysts sparking buying appetite.

Wall Street’s main indices all finished in the red territory, with the Dow Jones down by 0.32 percent, the S&P 500 dropped 0.29 percent, and the Nasdaq down 0.50 percent.

In this article, let’s take a look at which companies defied broader market pessimism and explore the reasons behind their growth.

Friday’s top advancers only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A close-up of a laptop with a Bitcoin ecosystem monitor running in the background.

Cipher Mining Inc. (NASDAQ:CIFR)

Shares of Cipher Mining Inc. (NASDAQ:CIFR) rallied for a third day on Friday, adding 6.69 percent to its valuation to end at $5.9 apiece. Being a Bitcoin mining firm, the rally in its prices was in line with the overall increase in Bitcoin prices, which at the time of writing was already at $104,832 apiece.

Since President Donald Trump signaled his plans to make cryptocurrency a national priority, Bitcoin’s share prices already marked a 12.16-percent increase year-to-date, with the optimism creating a ripple effect for Bitcoin miners.

Additionally, investors bought up shares in Cipher Mining after it earned a rating upgrade from an investment banking firm over renewed hopes that Trump will establish a strategic Bitcoin reserve in the US.

Last Tuesday, Needham & Company LLC upgraded its price target for Cipher Mining to $7.5 apiece and a “buy” rating, signaling confidence in the company.

Overall CIFR ranks 9th on our list of the firms that defy market pessimism. While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CIFR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.