Bank of New York Mellon Corp Increases Position in Cipher Mining Inc. (NASDAQ:CIFR)

Bank of New York Mellon Corp lifted its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 243.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 549,070 shares of the company’s stock after purchasing an additional 389,079 shares during the period. Bank of New York Mellon Corp’s holdings in Cipher Mining were worth $2,279,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. First Financial Bankshares Inc acquired a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $9,901,000. Vanguard Group Inc. increased its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp raised its holdings in Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after purchasing an additional 765,238 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cipher Mining by 30.4% during the fourth 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 in the last quarter. Finally, Swiss National Bank grew its holdings in Cipher Mining by 27.0% in the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares during 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 443,830 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $4.33, for a total value of $1,921,783.90. Following the transaction, the insider now owns 112,410,700 shares in the company, valued at $486,738,331. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 8,108,357 shares of company stock valued at $28,338,868 in the last three months. Corporate insiders own 2.25% of the company’s stock.

Cipher Mining Price Performance

Cipher Mining stock opened at $3.01 on Tuesday. Cipher Mining Inc. has a 1 year low of $2.15 and a 1 year high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The firm has a 50 day moving average price of $4.32 and a 200 day moving average price of $4.21. The company has a market cap of $933.19 million, a price-to-earnings ratio of 50.17 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period in the prior year, the firm posted ($0.05) EPS. Sell-side analysts predict that Cipher Mining Inc. will post -0.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. HC Wainwright lifted their price target on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC lifted their price objective on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $7.70.

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.