Hennion & Walsh Asset Management Inc. Purchases 58,659 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Hennion & Walsh Asset Management Inc. grew its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 79.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,304 shares of the company’s stock after purchasing an additional 58,659 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Cipher Mining were worth $681,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. First Financial Bankshares Inc purchased a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $9,901,000. Van ECK Associates Corp raised its holdings in Cipher Mining by 40.3% during the 4th quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock valued at $8,130,000 after acquiring an additional 564,956 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Cipher Mining by 107.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after acquiring an additional 358,897 shares in the last quarter. Shariaportfolio Inc. bought a new position in shares of Cipher Mining in the fourth quarter worth $2,460,000. Finally, Hel Ved Capital Management Ltd purchased a new position in shares of Cipher Mining in the fourth quarter valued at $1,310,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Friday, June 7th. Canaccord Genuity Group restated a “buy” rating and issued a $6.00 price objective (up from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. HC Wainwright upped their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Cantor Fitzgerald began coverage on shares of Cipher Mining in a report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $1,182,464.43. Following the transaction, the insider now directly owns 118,223,411 shares in the company, valued at approximately $471,711,409.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 4,692,735 shares of company stock worth $20,486,934 over the last 90 days. Corporate insiders own 2.25% of the company’s stock.

Cipher Mining Trading Down 3.0 %

Shares of Cipher Mining stock opened at $4.58 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. Cipher Mining Inc. has a 1 year low of $2.15 and a 1 year high of $5.89. The firm has a market cap of $1.42 billion, a PE ratio of 76.35 and a beta of 2.29. The company has a 50 day simple moving average of $4.19 and a two-hundred day simple moving average of $3.86.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The firm had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $50.05 million.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.