Principal Financial Group Inc. Makes New $88,000 Investment in Cipher Mining Inc. (NASDAQ:CIFR)

Principal Financial Group Inc. purchased a new stake in Cipher Mining Inc. (NASDAQ:CIFR) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 21,231 shares of the company’s stock, valued at approximately $88,000.

A number of other institutional investors have also modified their holdings of CIFR. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining in the 1st quarter valued at about $52,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Cipher Mining in the 1st quarter valued at about $59,000. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after buying an additional 5,000 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Cipher Mining in the 1st quarter valued at about $74,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cipher Mining by 93.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,482 shares of the company’s stock valued at $89,000 after buying an additional 10,380 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Performance

CIFR opened at $3.01 on Tuesday. Cipher Mining Inc. has a 12-month low of $2.15 and a 12-month high of $7.99. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $933.19 million, a PE ratio of 50.17 and a beta of 2.24. The firm has a 50 day moving average of $4.32 and a two-hundred day moving average of $4.21.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The company had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same period last year, the firm posted ($0.05) EPS. On average, analysts anticipate that Cipher Mining Inc. will post -0.05 EPS for the current year.

Analyst Ratings Changes

CIFR has been the subject of a number of recent analyst reports. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Tuesday, September 3rd. Needham & Company LLC lifted their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, HC Wainwright lifted their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining currently has an average rating of “Buy” and an average target price of $7.70.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $2.87, for a total transaction of $5,456,191.44. Following the completion of the transaction, the insider now directly owns 102,044,892 shares of the company’s stock, valued at approximately $292,868,840.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 8,108,357 shares of company stock valued at $28,338,868. 2.25% of the stock is owned by insiders.

Cipher Mining 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.