Farther Finance Advisors LLC Makes New $33,000 Investment in Cipher Mining Inc. (NASDAQ:CIFR)

Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,543 shares of the company’s stock, valued at approximately $33,000.

Several other large investors have also recently made changes to their positions in the company. Amalgamated Bank increased its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining in the 1st quarter worth about $52,000. Xponance Inc. purchased a new stake in shares of Cipher Mining during the 2nd quarter valued at about $45,000. Price T Rowe Associates Inc. MD bought a new position in shares of Cipher Mining in the 1st quarter valued at about $59,000. Finally, W Advisors LLC purchased a new position in Cipher Mining in the third quarter worth about $45,000. 12.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. This represents a 19.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the sale, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 1.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock valued at $25,974,602 over the last three months. 2.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on CIFR. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Compass Point increased their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $7.54.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $6.42 on Friday. The firm’s 50 day simple moving average is $4.46 and its 200-day simple moving average is $4.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining Inc. has a one year low of $2.15 and a one year high of $7.99. The firm has a market cap of $2.23 billion, a PE ratio of -49.84 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same period last year, the firm earned ($0.07) earnings per share. As a group, equities analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current year.

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.