Several Bitcoin (CRYPTO: BTC) mining stocks are in the spotlight Wednesday amid positive analyst coverage and an uptick across the broader cryptocurrency market.
What To Know: Cipher Mining Inc (NASDAQ:CIFR) shares are leading the way Wednesday, up approximately 12% at last check, per Benzinga Pro. The stock closed Tuesday up 15.1% after the company announced the closing of a 300 MW data center site in West Texas.
Including the Barber Lake site in West Texas and other recently announced purchases, Cipher said its portfolio is now expected to grow to more than 2.5 GW across 10 sites.
Macquarie analyst Paul Golding initiated coverage on Cipher late Tuesday with an Outperform rating and set a price target of $6. The positive analyst initiation appears to be driving some of the upward momentum in the name. Northland Capital Markets analyst Mike Grondahl also initiated coverage on Cipher with an Outperform rating Wednesday morning.
Several other Bitcoin miners appear to have gotten a lift from positive analyst coverage on Wednesday. Multiple mining stocks jumped in early trading before paring gains.
CleanSpark Inc (NASDAQ:CLSK) was reiterated Buy by HC Wainwright & Co. analysts. The firm maintained a price target of $27 on CleanSpark shares. Macquarie also initiated coverage on CleanSpark Wednesday morning with an Outperform rating and price target of $20.
Macquarie initiated coverage on Marathon Digital Holdings (NASDAQ:MARA) and Riot Platforms Inc (NASDAQ:RIOT) as well. The firm placed Outperform ratings on both of the Bitcoin mining stocks with price targets of $22 and $15, respectively.
The broader crypto space is getting a boost on Wednesday, led by Bitcoin, which was up 1.22% over a 24-hour period at the time of writing, hovering around $63,825. Bitcoin spot ETFs saw net inflows of $4.56 million to start the week.
As reported by Benzinga, crypto analyst Ilia Otychenko sees Bitcoin facing heavy resistance around current levels, but he believes a sustained break above the 200-day moving average could push prices up toward $67,000. Based on historical indicators, Otychenko recently suggested that "Bitcoin could be on track for a new all-time high in the coming months."
$BTC Price Action: At the time of publication, Bitcoin was up about 1.2% over the past 24 hours, per Benzinga Pro.
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Photo: Benjamin Nelan from Pixabay.