Price T Rowe Associates Inc. MD Takes $59,000 Position in Cipher Mining Inc. (NASDAQ:CIFR)

Price T Rowe Associates Inc. MD purchased a new position in Cipher Mining Inc. (NASDAQ:CIFR) during the first quarter, Holdings Channel reports. The firm purchased 11,308 shares of the company’s stock, valued at approximately $59,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after acquiring an additional 765,238 shares in the last quarter. First Financial Bankshares Inc bought a new position in Cipher Mining in the fourth quarter valued at approximately $9,901,000. Vident Advisory LLC raised its position in Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. Finally, Shariaportfolio Inc. bought a new stake in Cipher Mining during the fourth quarter worth $2,460,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CIFR. Needham & Company LLC lifted their price target on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Compass Point lifted their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright increased 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. Cantor Fitzgerald assumed coverage on shares of Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price target on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $7.25.

Cipher Mining Stock Down 0.5 %

Shares of NASDAQ CIFR opened at $3.84 on Monday. The company has a 50 day simple moving average of $4.81 and a 200 day simple moving average of $4.18. 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 $7.99. The firm has a market cap of $1.19 billion, a PE ratio of 64.00 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. During the same quarter last year, the firm earned ($0.05) earnings per share.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the sale, the insider now owns 109,911,187 shares in the company, valued at approximately $684,746,695.01. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 5,302,379 shares of company stock worth $24,285,016 over the last quarter. Company insiders own 2.25% of the company’s stock.

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.