Why Cipher Mining Stock Mashed the Market on Monday

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. 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. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool