Van ECK Associates Corp Purchases 1,144,390 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Van ECK Associates Corp raised its holdings in Cipher Mining Inc. (NASDAQ:CIFR) by 41.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,900,219 shares of the company’s stock after acquiring an additional 1,144,390 shares during the period. Van ECK Associates Corp owned approximately 1.26% of Cipher Mining worth $15,094,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Amalgamated Bank boosted its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC purchased a new stake in Cipher Mining in the third quarter worth $33,000. Xponance Inc. bought a new position in shares of Cipher Mining in the 2nd quarter worth about $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining during the third quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC bought a new stake in Cipher Mining in the third quarter worth $47,000. 12.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total value of $5,741,358.24. Following the sale, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,943,078 shares of company stock valued at $23,609,769 over the last quarter. 2.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Northland Securities initiated coverage on Cipher Mining in a research note on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Macquarie began coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 target price for the company. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Compass Point boosted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Cipher Mining presently has an average rating of “Buy” and a consensus target price of $7.36.

Cipher Mining Stock Up 5.6 %

CIFR opened at $5.32 on Wednesday. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of -40.92 and a beta of 2.18. Cipher Mining Inc. has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a fifty day moving average of $4.02 and a two-hundred day moving average of $4.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period last year, the firm earned ($0.07) EPS. On average, research analysts expect that Cipher Mining Inc. will post -0.06 earnings per share for the current year.

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.