Wealth Enhancement Advisory Services LLC Raises Stake in Cipher Mining Inc. (NASDAQ:CIFR)

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 16.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,481 shares of the company’s stock after acquiring an additional 17,254 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Cipher Mining were worth $508,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CIFR. First Financial Bankshares Inc bought a new stake in shares of Cipher Mining in the 4th quarter worth approximately $9,901,000. Vanguard Group Inc. grew its stake in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after acquiring an additional 765,238 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of 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 purchasing an additional 10,998 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after purchasing an additional 26,700 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of Cipher Mining stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $1,182,464.43. Following the transaction, the insider now directly owns 118,223,411 shares in the company, valued at $471,711,409.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 5,007,568 shares of company stock valued at $23,082,187 in the last 90 days. Company insiders own 2.25% of the company’s stock.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of analyst reports. Needham & Company LLC raised their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Cantor Fitzgerald initiated coverage on Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target for the company. Finally, Canaccord Genuity Group raised their price target on shares of Cipher Mining from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $7.42.

Cipher Mining Trading Up 5.5 %

Shares of NASDAQ:CIFR opened at $4.00 on Friday. The stock’s 50-day simple moving average is $4.75 and its two-hundred day simple moving average is $4.21. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 66.67 and a beta of 2.29. Cipher Mining Inc. has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data 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 13.54% and a return on equity of 4.66%. The company had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same quarter last year, the firm posted ($0.05) earnings per share.

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.