Cipher Mining Inc. (NASDAQ:CIFR) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in Cipher Mining Inc. (NASDAQ:CIFR) by 9.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 156,385 shares of the company’s stock after acquiring an additional 13,996 shares during the quarter. JPMorgan Chase & Co.’s holdings in Cipher Mining were worth $605,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Millennium Management LLC increased its position in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the period. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the period. Van ECK Associates Corp grew its holdings in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in shares of Cipher Mining during the 3rd quarter worth about $4,029,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Northland Securities boosted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Keefe, Bruyette & Woods started coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Macquarie increased their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $4.51 on Tuesday. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $5.84 and its two-hundred day moving average is $5.01. The company has a market cap of $1.57 billion, a P/E ratio of -34.69 and a beta of 2.38. Cipher Mining Inc. has a 12 month low of $2.40 and a 12 month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. On average, equities analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is currently owned by insiders.

About Cipher Mining

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.