Wealth Enhancement Advisory Services LLC Acquires New Position in Cipher Mining Inc. (NASDAQ:CIFR)

Wealth Enhancement Advisory Services LLC bought a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR) during the first quarter, HoldingsChannel.com reports. The firm bought 105,227 shares of the company’s stock, valued at approximately $542,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CIFR. First Financial Bankshares Inc purchased a new stake in shares of Cipher Mining in the fourth quarter worth $9,901,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Cipher Mining by 30.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock worth $185,000 after buying an additional 10,998 shares during the period. Exchange Traded Concepts LLC increased its stake in Cipher Mining by 107.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after buying an additional 358,897 shares in the last quarter. Shariaportfolio Inc. bought a new stake in Cipher Mining during the fourth quarter valued at about $2,460,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of Cipher Mining in the fourth quarter valued at about $49,000. Institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

CIFR has been the subject of several research analyst reports. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Cantor Fitzgerald initiated coverage on shares of Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price objective for the company. HC Wainwright boosted 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, Needham & Company LLC restated a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Friday, June 7th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.25.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of Cipher Mining stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $4.08, for a total value of $1,202,828.88. Following the completion of the transaction, the insider now owns 118,519,768 shares in the company, valued at $483,560,653.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 4,692,735 shares of company stock worth $20,486,934. 2.25% of the stock is currently owned by corporate insiders.

Cipher Mining Stock Up 1.4 %

Shares of CIFR opened at $4.43 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 73.85 and a beta of 2.29. Cipher Mining Inc. has a 1 year low of $2.15 and a 1 year high of $5.89. The business’s 50 day simple moving average is $4.24 and its 200-day simple moving average is $3.90.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results 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 company had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $50.05 million.

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.